Real estate regulatory bill will make the execution of the projects faster, feels many. The Bill has proposed to bring about a common regulatory platform for all the stake holders of the industry and ensures to protect the customers from being cheated from unscrupulous builders. The market watchers, critics and consultants feel that this long awaited bill brought transparency in the sector. This bill in the current form applies to both the residential and the commercial sectors. Few feel that this bill is holistic in approach and the developers are not happy with few of the sections of the bill. They further contend that few clauses and rulings are a bit ambiguous and will increase confusion. Few of the sections of the developers feel that the bill and the government's approach have been too stringent and the laws have gagged the sector's growth. Although it is notable that the duty of the government is to facilitate and as well as regulate. Notwithstanding all these arguments and debate these salient features of the bill can be noted.

 

• The bill brought the creation of state wise regulatory authority for the sector.
• The registration of projects and all brokers, agents and builders are mandatory.  
• The builders have to disclose the project details to public and non-disclosure or partial disclosure can attract penalty and prosecution too.
• The duties and functions of the promoter are clearly defined by the bill. – This gives the customers a clear locus standii for pursuing legal proceedings against any errant builder.
• The developers are required to deposit 50 percent of the buyer's money in the escrow account and utilize the funds for the construction of the project.
• The builders are required to set off 50 percent of the amount of bookings of the projects in a commercial Bank account within 15 days of receipt and this will ensure the adherence of the timeline of delivery of the projects and will minimize the chances of cost overruns due to inadequate capital.
• The real estate agents and property sellers are required to sell only the registered projects which will help regulate the price to a great extent.
• The errant builders will be penalized with fines, penalties and even prosecution in case of non-compliance of the rulings of the tribunal.  
• The responsibilities of the allotees are duly defined by the bill which has been described as more enabling and development oriented.
• Another commendable provision that will support and protect the common customer is the creation of the Central Advisory Council to monitor and oversee the implementation of the Act. This will ensure the success of implementation of the regulation.
• The consumers can seek the counsel and can take the recourse of consumer forums and consumer courts.