According to a top government official, the real estate regulatory bill will be introduced in the monsoon session of Parliament. The real estate regulatory bill that seeks to bring transparency and accountability in the realty sector is expected to be introduced in monsoon session of Parliament, which is expected to start in late July. At an annual convention of National Association of Realtors (NAR) India the Housing and Urban Poverty Alleviation Secretary said, “The Bill will be introduced in the Monsoon session of Parliament”.
NAREDCO, an industry body of real estate developers, President Naveen Raheja emphasized on the need of self- regulation. NAR-India is an industry body for property brokers and it has 1,700 members. They are affiliated to the national association of realtors (NAR), a global association based in Chicago, USA. According to Manish Mehta, Vice President of Property brokerage firm India homes, NAR-India is a national level umbrella organization, which initiates efforts to generate and disseminate authentic information on the realty market to increase transparency in the sector. The Bill provides for setting up a regulator for the real estate sector and has provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly. It also intends to make it mandatory for developers to launch projects only after acquiring all statutory clearances from relevant authorities. The Bill makes it mandatory for builders to clarify the carpet area of the flat.
Stating that the Bill deals with property brokers and agents as well, Misra assured the brokers’ body NAR that they would be included in the list of associations to be consulted by the Standing Committee. He asked the brokers to bring more professionalism in their business. According to the secretary, “All that the regulatory Bill says that when you start selling the flats, all the licenses and permissions should be in place”.