Real estate bill to protect small property buyers

NEW DELHI: To protect small property buyers, a parliamentary panel is understood to have recommended to cover housing projects on land below 1000 sq metre in the proposed Real Estate Regulatory Bill.

According to the original provision in the Bill, builders could register with the regulator only if the project was on land exceeding 1000 sq metre.

The Real Estate (Regulation and Development) Bill has been referred by Rajya Sabha to a Select Committee on May 6 for its examination with instruction to submit its report by the last day of the first week of the next session of Parliament, which is the current monsoon session.

The 21-member committee headed by BJP member Anil Madhav Dave is likely to submit the report this week

The Bill seeks to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building in an efficient and transparent manner, to protect the interest of consumers in the real estate sector and to establish Appellate Tribunal to hear appeals from the decisions, directions or orders of the authority.

The panel has not changed the penalty provisions of the Bill and retained the original proposal such as imprisonment of developers for any violation of the proposed law.

The Bill covers both residential and commercial real estate sector.