Rajya Sabha today passed the much awaited Real estate bill , passage of real estate regulation and development bill holds significant value for safeguarding the interests of home buyers and sellers.The bill sought to regulate transactions between home buyers and promoters of real estate projects through state-level regulatory authorities.
The bill recommends setting up an impartial regulatory body in states. Experts construe it a ‘welcome change’ for realty sector, considering buyers will get a forum to have their grievances addressed against erring builders. As of now, buyers are optionally limited to street protests to voice their displeasure against developers defaulting on scheduled completion of projects.
The regulatory bill has another benefit for buyers; it entitles two-third of buyers’ consent for a developer in case any structural change in a project is to be introduced.
That said, builders can’t arbitrarily enforce structural changes in any project without seeking buyers’ approval first. This has been done to prevent happening of similar incidents like the ones happened recently wherein some builders, who had changed layout plans of their projects without permission of buyers, faced courts’ appearance.