The government has proposed a regulatory authority for real estate transactions in the country to bring in transparency. This information was given by Minister for Housing and Urban Poverty Alleviation, Ajay Maken in a written reply in the Rajya Sabha on Wednesday.The draft bill seeks the establishment of a Real Estate Regulatory Authority and Real Estate Tribunal in each state with specified functions, powers and responsibilities.Mr Maken said his ministry had already held consultations with all stakeholders including Real Estate Developers' Associations and Consumer Welfare Associations.