The Real Estate (Regulation and Development) Bill, 2013

Overview

The Real Estate (Regulation and Development) Bill, 2013 (the Bill) seeks to regulate transactions between buyers and sellers in the residential real estate sector to ensure consumer protection and standardisation of business practices. The Bill provides for establishment of the state-level regulatory authorities called the Real Estate Regulatory Authority (RERA) to register residential real estate projects for regulation and promotion of the real estate sector. It seeks to ensure sale of a plot, apartment or a building in an efficient and transparent manner and to protect the interests of consumers in real estate sector.