definition for: #RealEstateBill

Real Estate (Regulation and Development) Bill: This pioneering legislation has been envisaged to bring accountability and transparency in the sector for improving governance, for protecting consumer interest and speedy mechanism for adjudication of disputes. This is expected to promote professionalism, standardisation and orderly growth which will boost private investment in housing sector. This has recently been approved by the cabinet and matter is being taken up during the current session of the parliament. The key features of the Bill: • Mandatory registration of projects with the Authority • Mandatory Public Disclosure of all project details with Authority • Mandatory registration of Real Estate Agents • Establishment of Regulatory Authority/Tribunals at State Level • Provision of penalty and compensation for better consumer protection The ‘Real Estate (Regulation and Development) Bill, 2013 was introduced in the Rajya Sabha, on 14th of August 2013, after approval by the Union Cabinet on 4th June 2013. The Bill was referred to the Standing Committee of Parliament on 23rd September 2013. Standing Committee tabled its report in the Rajya Sabha on 13th February 2014 and in the Lok Sabha on 17th February 2014. Based on recommendations of Standing Committee, this Ministry moved the official amendments to the Bill for approval of Union Cabinet and it was approved by Union Cabinet on 07th April, 2015. This Ministry moved a motion in Rajya Sabha for official amendments to the Bill based on recommendations of Standing Committee and Rajya Sabha referred the Bill to a Select Committee of Rajya Sabha on 06th May, 2015. The Select Committee held deliberations with various stakeholders to get their views / suggestions during regional meetings organised at Kolkata-Bengaluru, Mumbai-Shimla and New Delhi in June-July, 2015. Further, meetings were held between the Select Committee and officials of this Ministry to discuss the Bill clause by clause. The Select Committee has submitted its report to Rajya Sabha on 30th July, 2015. The Union Cabinet cleared the Real Estate Bill, 2015, as reported by the select committee, on 9th December, 2015. The Real Estate Bill, 2015 was listed for business on the 22nd and 23rd of December, 2015 during the Winter Session of Parliament, but could not be taken up. The notice for consideration and passing of the bill during the current Budget Session was issued on 15.02.2016 along with 3 official amendments. The bill is likely to be legislated soon.