Govt Moves Closer To Setting Up A Real Estate Regulator: Details Explained

The Union Cabinet Wednesday approved the Real Estate (Regulation and Development) Bill, 2015, paving the path for a regulator for the real estate sector along the lines of those for telecom, electricity, securities, banking and insurance sectors. The legislation provides for compulsory disclosure of all real estate project details by developers, mandates registration of projects as well as real estate agents with the state level Real Estate Regulatory Authority and a second tier for adjudication of disputes, namely the state Appellate Tribunal.