real estate regulatory bill – the home buyers protection

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Real Estate Regulatory Bill – The Home Buyers Protection

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Real estate regulatory bill has been pending for few years even as there is a need of reforms in the realty sector. The real estate sector has been a large contributor of GDP of the nation.

There is a great problem of homelessness in many a sector of the nation. It is also true that a home buyer invests his or her life time savings in buying a home and there are lot of problems and hassles that he or she has to face in many an instance.

Buying a home is the single largest risk that a common man undertakes and this act is full of risk and the commoner has to rely on the weak laws of justice without a strict regulator.

The Home Buyers Protection





The real estate regulator attempts to ease the common individual from all these hassles.

For the last two years there have been heated debate and it is expected that it will be passed in the parliament this time in the budget session.

There is a contrasting paradox in the Indian real estate sector. There is a huge shortage of housing and at the same time there is a huge unsold stock also at the backdrop.

The nation is in the process of a rapid urbanization and estimates point out that urban population will become more than double to about a figure as high as 900 million in the next three decades.





At this present moment the current population also does not have a proper and adequate housing. An estimate in the year 2012 points out that the shortage is at a figure which is nearly 19 million units.

If any changes has to be brought and this shortage has to be lessened then there has to be reformative measures to clear the mess of the Indian real estate.

The bill seeks to set few of the standards in the contracts between the seller and the buyers. Apart from bringing penalty measures to the delinquent developer the bill also proposes to bring transparency which is a rare phenomenon in the real estate industry.





Transparency will come about to a certain degree if the promoters and developers have to upload the project details on the website.

There has been enough regulation in the new bill to protect the common buyer who would not feel deceived or cheated after the possession of the house.

The bill has provisions that a part of the money duly paid by the consumer has to be secured for the construction purposes in a separate bank account.





The new bill also proposes to have title insurance on the land because of the uncertainty that exists in India on the titles of land.

The scrutiny of the bill by the two parliamentary committees has already been done and it’s expected that it will be passed with no delay.

The real estate regulatory bill is surely an important step in clearing the mess of the real estate market and brings in a regulation and protection for the common consumers.

The experts opine and the facts suggest that often the state governments play a derogatory role and create lot of problems also.





The estimates suggest that currently there are about 40 state and central departments that the developer has to take approvals from. This essentially leads to unnecessary delay and an obvious escalation of costs.

The projects of the central government for providing universal urban housing have compelled the states to initiate reforms so that they can access the funding from the centre.

The experts and the market trend watchers say that without the proper reforms at the state level the ambition of the central government to provide housing to all the urban dwellers will not be possible.





Along with that the measures like FDI relaxation, reduction of loan rates by the RBI and the ongoing Real estate regulatory bill were few of the measures.

But one thing that comes out of the arguments that we advance as per the current situation is that the property that would be the best buy would not be cheaper at all.

Remarking about the improvement of sales the expert realtors remark that in the 2nd half of 2015 the sales figures of the companies with a strong reputation of quality and timely delivery have improved considerably.





Property Buying Tips :

Pre-launch Flats Vs. Ready-to-move Apartments

Now is the right time to buy a house or property in Bangalore

How to buy a flat being Cautious to avoid Problems

Increase of Smaller Homes in Indian Realty Market

Overview of Bangalore Real Estate Market at a Glance

The accentuating prospects of Devenahalli



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real estate regulatory bill – the home buyers protection

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