The Real Estate Bill, 2013: A Brief Summary

"How much in black..?"

If you have ever ventured into the real estate sector, that is a question you have most likely had to ask yourself.

Real estate transactions include purchase and sale of immovable property for commercial, development or residential purposes.

Currently,the real estate sector is governed by various laws such as the Transfer of Property Act, 1882 and several state level laws for ownership of flats, rent control, town planning and re-development.

While there are several laws regulating the sector, consumers are currently not adequately protected despite the Consumer Protection Act, 1986. Since the existing laws are found to be inadequate, it is therefore proposed that a central legislation be introduced, namely, the Real Estate (Regulation and Development) Bill, 2013 ("Bill").