A bill providing for setting up a regulator for real estate will be introduced in the upcoming monsoon session of Parliament. Housing and Urban Poverty Alleviation Minister Ajay Maken said this while addressing the media in New Delhi yesterday. He said, the Real Estate Regulation and Development Bill, which was cleared by the Union Cabinet on Tuesday, provides for a uniform regulatory environment to protect consumers, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
Elaborating on other important features of the bill, Mr. Maken said the new bill proposes to register real estate agents, who have hitherto been un-regulated and lead to a money trail and curb money laundering. Our correspondent reports that the Bill which applies only to residential projects has provisions for tough penalty for putting out misleading advertisements about projects.