Skip to main content


Showing posts from April 14, 2015

Regulating real estate: the 2013 Bill and recent developments

Yesterday, Cabinet approved amendments to the Real Estate (Regulation and Development) Bill, 2013, which is currently pending in Parliament.In this context, the blog post outlines key features and issues related to the Bill, and certain changes which were approved by Cabinet.What is the current status of the Bill?The Bill was introduced in Rajya Sabha in August 2013.  It was then referred to the Parliamentary Standing Committee on Urban Development, which submitted its report in February 2014.  The Bill has not been discussed in Parliament as yet, and is currently pending in Rajya Sabha.As mentioned above, Cabinet approved certain changes to the Bill yesterday.  However, a comprehensive list of these changes is not available in the public domain yet.What are the key features of the Bill?The Bill regulates transactions between buyers and promoters (sellers) of residential real estate projects.  It establishes state level regulatory authorities called Real Estate Regulatory Authorities …