Real Estate Regulator in India

The Real Estate (Regulation and Development) Bill, 2013, is a bill to protect home buyers from unscrupulous developers and builders by setting up real estate regulator. This shall cover up all projects coming up on more than 1000 Sq mtr of land or involving more than 12 apartments. It also contains provision for mandatory public disclosure of all project details. Tough penal provisions have been prescribed under the bill for putting out misleading advertisement. To monitor and regulate real estate agents, this bill provides for registering them the proposed real estate regulator. To curb the menace of money being diverted to other project and consequently delay in completion of project, this bill provides that the developer will have to deposit 70% of the funds received for particular project. Adjudication officer under this bill shall not be below the rank of joint secretary. Further, it is also proposed to appoint a real estate appellate authority.