The ministry of housing and urban poverty alleviation has prepared finalised the draft model Real Estate (Regulation of Development) Act for public suggestions within 45 days, prior to being taken up for finalisation.
The draft has seven chapters dealing with regulation of development of colonies and promotion of construction, sale and transfer of residential buildings, apartments and other similar properties, role of promoters, a real estate regulatory authority, an appellate tribunal, offences and penalties and miscellaneous items such as court jurisdiction, etc.
Releasing the draft on its official website, www.mhupa.gov.in, the ministry is specifically inviting comments from state governments, stakeholders and experts within 45 days.
The draft act aims to establish a regulatory authority and an appellate tribunal to regulate, control and promote a "planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties,"
The proposed proposed draft seeks to ensure total transparency for buyers, by making it mandatory for all developers to host and maintain a website containing all project details.
The ministry said in a statement, that the proposal was aimed at "protecting, on the one hand, the public interest in relation to the conduct and integrity of promoters and other persons engaged in the development of such colonies, and to facilitating, on the other, the smooth and speedy construction and maintenance of such colonies, residential buildings, apartments and properties and for matters connected therewith or incidental thereto."