The regulation to protect home buyers from the activities of developers and builders is emerging into the limelight after having faced quite a few roadblocks.
The housing ministry, which headed the bill in the parliament, was unable to function after the Lok Sabha Secretariat sent a query to the law ministry asking why the regulation was not treated as a money bill even though the regulation was concerned with the Consolidated Fund of India. However, after receiving attorney general's opinion, the Lok Sabha secretariat was satisfied.
This real estate bill will make sure that private developers will get all projects registered before sale of property. This regulation will also take all the clearances that need to be obtained by the property developers into account. Under this regulation, property developers cannot advertise or start a housing project before getting all necessary clearances and reporting before a regulator.
The bill is expected to be passed in the winter session of Parliament.