Analysing the Real Estate (Regulation & Development) Bill, 2013


PRELIMINARY OBSERVATIONS


The Real Estate market has been the worst hit by the economic downturn which, coupled with high interest rates in the face of persistent inflation, has kept suspicious homebuyers away.[1] Developers in key real estate markets particularly Mumbai, Bengaluru, Chennai and NCR have been struggling with “slow sales, high unsold inventory, delayed construction and stalled projects.”[2] The following chart depicts this fall in ‘new launches’ in the real estate sector in 2015:[3]


Prime reason, which could be attributed to this slump, is the loss of investor’s confidence in a developer’s ability to deliver projects on time.[4] This is also because the developers are lacking the basic financial and execution discipline.[5]


India has been waiting for more than 10 years for a real estate regulator. However, it seems the Real Estate (Regulation and Development) Bill, 2013 (hereinafter referred to as ‘the bill’) that had cleared all obstacles including the analysis by the parliamentary committee, won’t be passed in the ongoing winter session of Parliament. Very recently the Union Government’s cabinet cleared a draft real estate regulator bill, wherein the Ministry of Housing and Urban poverty alleviation, accepted and incorporated all the modifications suggested by the 21-member selection committee.[6] Government still needs to address the reservation expressed by the real estate developers. It seems like a long time before the real estate bill will finally become a reality but the bill is expected to bring in the much-needed transparency and accountability in the real estate sector.


It is an initiative to promote fair play and ensure timely execution of contracts.[7] The consumers in the county seek protection against the real estate builders whose activities would be kept under a check as well as the bill seeks to reduce frauds and delays against the real estate buyers. It seems evident that on its incorporation it will provide the much-needed umbrella to real estate buyers, thereby giving this sector acceleration, and the consumer confidence it requires. This will also boost lasting quality developer brands and ensure timely delivery of projects.


Through this article we shall look at some of the key highlights of the bill and how it impacts the consumers, promoters, developers etc. in general.


KEY HIGHLIGHTS


I. PRIOR REGISTRATION OF REAL ESTATE PROJECT AND REAL ESTATE AGENTS


Chapter II of the bill assigns a duty to the Promoter to register the real estate project, or part of it, in any planning are with the Real Estate Regulatory Authority (RERA) before booking, selling or offering to sell, or inviting persons to purchase in any manner any plot, apartment or building.[8] Such registration however isn’t required in cases where[9]:

  1. Area of land proposed to be developed is not greater than 1000 square meters;

  2. Proposed apartments not exceeding 12;

  3. Area or number of apartments notified by central government on recommendations from the appropriate government, different for different states of union territories but not more than 1000 square meters or 12 apartments;

  4. Promoter has received all requisite approvals for the real estate project prior to commencement of this Act; and

  5. For renovating or repairing or re-development which does not involve re-allotment and marketing of the real estate project.


For getting his real estate project registered, every promoter shall make an application to the authority for registration of the project with such fee as may be specified and enclose the details of the enterprise, authenticated copy of the commencement certificate, the layout plan of the proposed project and of the whole project as sanctioned by the competent authority, plan of development works to be executed in the proposed projects, agreements proforma to be signed with the allottees, the number and the carpet area of apartments for sale in the project, the names and addresses of his real estate agents, names and addresses of the contractors, architect, structural engineer, concerned with the development of the proposed project.[10] The application shall also include a declaration, supported by an affidavit, signed by the promoter or any person authorized by the promoter, stating:[11]

  • He has legal title to the land on which the development is proposed along with a legally valid authentication of such title if such title is owned by another person;

  • The land is free from all encumbrances;

  • Likely period of time for the completion of the project;

  • The amount received as notified by the appropriate government, shall be kept in a separate account to be maintained in a scheduled bank within a period of 15 days of its realization to cover the cost of construction.

On the basis of such application, the Authority shall within a period of fifteen days grant or reject the registration for the reasons recorded in writing after according an opportunity of hearing to the petitioner.[12] On failure of the authority to register or reject the application, the project shall be deemed registered.[13] Such registration shall be extended on moving an appropriate application to the authority.[14]


Revocation


RERA (either on a complaint or on a recommendation of the competent authority), revoke the registration granted under Section 5 of the Bill, after giving thirty days notice, in writing, and considering the cause shown by the promoter for his conduct, if the promoter:[15]

  • Makes a willful default;

  • Violates any of the terms of conditions of the approval given by the competent authority; and

  • Involves in any kind of unfair practice (i.e. false representation of service standards, or falsely represents that the promoter has approval for affiliation, makes a false or misleading representation concerning the services, permits publication of advertisement or prospectus not intended to be offered) or irregularities.

RERA instead of revoking the registration permit the promoter to remain in force subject to such binding terms and conditions as it thinks fit to impose in the interest of the allottees.[16] Upon such revocation, the authority shall:[17]

  • Debar the promoter from accessing its website in relation to that project and specify his name in the list of defaulters;

  • Recommend to the competent authority to facilitate the balance of the development works to be carried out in accordance with the provisions of Section 8;

  • Protect the interest of the prospective buyers or in the public interest, issue such directions, as it may deem necessary.

On lapse on revocation of registration as the case may be, the RERA shall consult the appropriate government to take such action as it may deem fit, which may include carrying out the remaining development work by competent authority, association of allottees or in a manner as determined by the Authority on expiry of the period of appeal.[18]


Registration of Real Estate Agents


Every real estate agent has to make an appropriate application to the RERA for registration, on the basis of which the authority shall, grant, or reject registration for reasons to be recorded in writing.[19] The registered real estate agent shall be granted a registration number by the RERA, which shall be quoted by the real estate agent in every sale facilitated by him under the bill.[20] On breach of any of the conditions as specified under the bill, the RERA may revoke or suspend the registration of such real estate agent after according an opportunity of hearing to the said real estate agent.[21]


Functions of the Real Estate Agents[22]

  • Not facilitate the sale or purchase of any property, in a real estate project or part of it, in any planning area, which is not registered with the RERA;

  • Maintain and preserve such books of account, records and documents as may be prescribed;

  • Not involve himself in any unfair trade practice;

  • Facilitate the possession of all documents, as the allottee is entitled to, at the time of booking of any property; and

  • Discharge such other functions as may be prescribed.

Analysis


The bill makes it mandatory for the real estate projects and real estate agents to be registered with the RERA before offering, selling or inviting persons to purchase the property. It seeks to promote mandatory disclosures by promoters to the customers through registration.[23] Such registration will also ensure that the projects are completed on time and therefore, It is a step in the right direction in an industry where builders take the money from unsuspecting buyers and make them pay more due to delay and latches. The bill also requires the promoters to deposit certain amount raised from the buyers to be kept in a separate account for the purpose of construction, which will ensure that the promoters do not use the construction money for new projects. The power to revoke the registration of a real estate developer, on fulfilling any of the conditions provided under Section 7 of the Act shall keep the activities of the developers under constant checks and balances. It would also help the developers in building the necessary goodwill in the real estate market and ensure non-exploitation of buyers at the hands of the builders seeking to gyp them. “Errant builders, who until now had a free run, would now it find it difficult to dupe innocent buyers.”[24]


II. FUNCTIONS & DUTIES OF THE PROMOTER[25]


Create his web page on the website of the Authority and enter all details of the proposed project in all the fields as provided, including:

  • Details of registration granted by the Authority;

  • Quarterly up-to-date list of number and types of apartments or plots, booked;

  • Quarterly up-to-date status of the project;

  • Such other information and documents as may be specified by the regulations made by the Authority;

  • Advertisement or prospectus published, shall mention prominently the website address of the Authority,

  • On entering into an agreement of sale with the allottee shall be responsible to make available to the allottee, namely:

  • Site and layout plans along with specifications, approved by the competent authority; and

  • Stage-wise time schedule of completion of the project, including the provisions for water, sanitation and electricity.

  • The promoter shall:

  • Obtain a completion certificate from the relevant competent authority as per local laws or other laws for the time being in force and to make it available to the allottees individually or to the association of allottees;

  • Responsible for providing and maintaining the essential services, on reasonable charges, till the taking over of the maintenance of the project by the association of the allottees;

  • Take steps for the formation of an association or society or co-operative society, of the allottees, or a federation of the same, under the laws applicable.

  • The promoter may cancel the allotment only in terms of the agreement of sale, provided that the allottee may

  • Approach the Authority for relief, if he is aggrieved by such cancellation and such cancellation is not in accordance with the terms of the agreement of sale, unilateral and without any sufficient case.

  • The promoter shall prepare and maintain all such other details as may be specified by regulations made by the Authority.


Rights and Duties of Allottees[26]

  • To obtain information relating to site and layout plans along with specifications, approved by the competent authority and other information approved under this Bill;

  • To know stage-wise time schedule of completion of the project, including provisions for water, sanitation and electricity;

  • To claim the possession of property, as per the declaration given by the promoter in terms of Section 4(2)(i)(c) of the Bill;

  • To claim refund of amount paid, from the promoter, on account of default by the promoter;

  • Entitled to have the necessary documents and plans, including that of common areas, after handing over physical possession of the property to the allottee by the promoter;

  • To make the necessary payments in the manner and time specified in the said agreement and shall pay at the proper time and place:

  • Proportionate share of the registration charges,

  • Municipal Taxes,

  • Water and Electricity Charges,

  • Maintenance Charges,

  • Ground Rent, and

  • Any other charges, if any, in accordance with such agreement.

  • To pay interest at such rate as may prescribed, for any delay in payment towards any amount of charges to be paid under sub-section (6);

  • Obligations and liabilities to be reduced on the basis of mutual agreement between the promoter and such allottee; and

  • Every allottee after taking possession of the property, shall participate towards the formation of an association or society or co-operative society of the allottees, or a federation of the same.


Analysis

The bill seeks to empower the allottees by codifying their rights and duties. It has given the power to the allottees to be self-aware of their own investment. The biggest risk of not getting the invested money back has been removed as the allottees now have the option claiming their money back from the promoter on account of default. Through this section, the government seeks to ensure timely completion of the projects, which if not completed in a specific duration gives the buyers an option to claim a refund. However, there could be certain unforeseen circumstances, wherein the promoters/developers may actually run out of funds requisite for construction. In such circumstances, they may not even be able to refund the claim of the allottees. To ensure that such circumstances do not arise, the government should look to fund the developers. Such funding should be in the form of a loan, payable with interest. To maintain the balance of power, the allottees are also required to make timely payments towards any amount of charges towards their property required in terms of the bill.


III. RERA


One of the most promising provisions of the bill is the establishment of the RERA by the appropriate government of a state, or two or more states or Union Territories, as the case may be,[27] to protect the interest of the allottees and promoters, to improve the processes and procedures for clearance and sanction of plans and development of projects, to encourage construction of environmentally sustainable and affordable housing, promote standardization and facilitate amicable conciliation of disputes between the promoters and the allottees through dispute settlement forums.[28] RERA shall consist of a chairperson and two whole-time members experienced in urban development, housing, real estate development, infrastructure, economics, planning, law, commerce, accountancy, industry, management, social service, public affairs or administration.[29]


The act does not yield unlimited power in the hands of RERA. The appropriate government has the power to remove a Chairperson or a member after given them a reasonable opportunity of hearing, as the case may be, if such an official:[30]

  • Has been adjudged as an insolvent; or

  • Convicted of an offence, involving moral turpitude; or

  • Become physically or mentally incapable of acting as a member; or

  • Acquired such financial or other interest as is likely to prejudicially affect his functions; or

  • Abused his position as to render his continuance in office prejudicial to the public interest.

The appropriate government before appointment of such an official shall ensure that he has no financial or other interest in getting this post.[31] The bill imposes restrictions on chairpersons or members after expiry of their term i.e. five years from the date of joining, or until attaining an age of 65 years whichever is earlier[32], from:[33]

  • Accepting employment with any organization or person associated with the Bill {excluding an employment under the AG, local authority, statutory authority, corporation established in terms of Section 617 of the Companies Act 1956};

  • Act for or on behalf of any person or organization in connection with any specific proceeding, transaction, negotiation to which the Authority is a party and with respect to which before expiration of his term, the concerned official had provided advice to the authority;

  • Advising any person using information unavailable to the public, obtained while acting as the chairperson or member of RERA; and

  • Entering into a contract of service, or appointment to the board of directors, with an entity with which he had direct and significant official dealings during his official tenure.

For the purposes of investigations, RERA may call upon any promoter or allottee to furnish such information or explanation requisite for the purposes of investigation[34], issue such directions[35] as required. RERA shall have the same powers as are vested with a civil court under the Code of Civil Procedure, 1908, in respect of following matters:[36]

  • Discovery and production of books of account and other documents, at the time and place specified by the Authority;

  • Summoning and enforcing the attendance of persons and examining them on oath;

  • Issuing Commissions for the examination of witnesses or documents;

  • Any other matter as prescribed.

In addition to the above, the RERA shall also have the following powers:[37]

  • To impose penalties or interest on any contravention of obligations cast upon the promoters, allottees and the real estate agents;

  • To act upon the principles of natural justice, and regulate its own procedure;

  • Make a suo motu reference to the Competition Commission of India, in respect of an issue relating to agreement, action, omission, practice or procedure that:

  • has an appreciable prevention, or affects competition in connection with the development of a real estate project; or

  • has effect of market power of monopoly situation being abused for affecting interest of allottees adversely.

Analysis

RERA has been created to act as the central authority to regulate all the real estate activities and promote transparency, efficiency and effectiveness in the real estate market.[38] Its constitution therefore should also involve the necessary transparency. It is because of this reason that before appointment of a chairperson or a member, an entire background check has been made mandatory. Furthermore, prior approval of projects by an authorized government regulatory authority, independent of the real estate developers gives the much-needed security and trust to the real estate buyers/ investors and guarantees open administration. However, there is no provision for a time bound redressal of complaints, which with the current circumstances prevailing in the country would assure overall regulation.


Furthermore, to protect the interest of the parties concerned, RERA has not been established as the final body for effective resolution of real estate disputes. A party aggrieved may prefer an appeal before the Real Estate Appellate Tribunal [REAT] within sixty days from the date of receipt of the copy of the order by the appropriate government, the competent authority or the aggrieved person.[39] With the ambit of the powers extended to RERA, it would be interesting to see how effective is the execution of its operations.


IV. REAT


Every appeal made to REAT has to be disposed of within ninety days from the date of receipt of such appeal.[40] It shall consist of a Chairperson, Judicial Member, a Technical or Administrative Member.[41] REAT shall be guided by the principles of natural justice and shall have the power to regulate its own procedure.[42] In addition REAT shall discharge its functions under this bill, in terms of the provisions of CPC, in respect of the following matters:[43]

  • summoning and enforcing the attendance of any person and examining him on oath;

  • requiring the discovery and production of documents;

  • receiving evidence on affidavits;

  • issuing commissions for the examination of witness or documents;

  • reviewing its decisions;

  • dismissing an application for default or directing it ex parte; and

  • any other matter which may be prescribed.

All proceedings before the REAT shall be deemed to be judicial proceedings within the meaning of sections 193, 219 and 228 for the purposes of section 196 of the Indian Penal Code, and the REAT shall be deemed to be a civil court for the purposes of section 195 and chapter XXVI of the Code of Criminal Procedure. Any person aggrieved by the decision of the REAT may file an appeal before the High Court, within a period of 90 days from the date of communication of its decision or order.[44]


V. PENALTIES


To know the penalties, for contraventions, non-registrations, willful failures and offences, please click here.


Note*: The offence under section 51 (Punishment for non-registration under Section 3) of the Bill, either before or after the institution of the prosecution, may be compounded by the court on such terms and conditions and on payment of such sums as may be prescribed, which shall not exceed the maximum amount of the fine that may be imposed for the offence so compounded.[45]


VI. POWER TO ADJUDICATE


For determining compensation with regard to non-fulfillment of obligations by a promoter:

  • With regard to veracity of advertisement or prospectus;[46]

  • Adherence to approved plans and project specifications by promoter;[47] and

  • Return of amount and compensation.[48]

RERA shall appoint any officer not below the rank of Joint Secretary to the state government to be an adjudicating officer for holding an inquiry in the prescribed manner, after giving a reasonable opportunity of being heard to the person concerned. Any pending complaints with regard to the aforesaid obligations before the Consumer Disputes Redressal Forum, or the Consumer Disputes Redressal Commission, or the National Consumer Redressal Commission, on or before the notification and publication of this bill, may be withdrawn with the permission of such Forum or Commission, and an appropriate application may be filed before the adjudicating officer under this Act.[49] An application moved before the adjudicating officer has to be disposed of within a period of ninety days from the date of receipt of such application.[50] During the course of inquiry, the adjudicating officer may summon and enforce the attendance of any person who is acquainted with the facts and circumstances of the case, for evidence or to produce any document, which in the opinion of the adjudicating officer may be useful for the subject matter of the inquiry.[51]


VII. FINANCE AND AUDIT


Both the central and the state government can make necessary grants and loans to the RERA.[52] The appropriate government (central or state) is required to constitute a fund called the ‘Real Estate Fund’, which shall receive[53]:

  • All government grants received by the RERA;

  • Fees under this bill;

  • Interest accrued on aforementioned grants and fees;

Whereas the sums received by the REAT or RERA in union territories shall be credited to the ‘Consolidated Fund of India’ and all penalties imposed by the REAT and RERA in a state, shall be credited to such accounts as the State government may specify.[54] To ensure adequate and proper utilization of the funds received by RERA, it is required to maintain proper accounts and other relevant records and prepare an annual statement of accounts in a format prescribed by the appropriate government in consultation with the Comptroller and Auditor General of India (CAG).[55] The CAG shall also audit the accounts of the RERA, or authorize a person a person on his behalf to do so.[56] Such accounts and reports shall also be forwarded annually to the appropriate government, who shall then lay it before the Houses of parliament or the State or Union Territory Legislature, as the case may be.[57] To ensure further transparency RERA is also required to prepare annual reports every year, mentioning therein:[58]

  • All activities of the RERA for the previous year;

  • Annual accounts of the previous year; and

  • Programmes of work for the coming year.

Analysis

RERA has been constituted as a body administered by the government but functioning independently. With the amplitude of powers and responsibilities vested with the RERA, it becomes essential to keep its operations under check. The CAG auditing operations of RERA and the state and central government as the case may be, being updated about its operations and utilization of funds, may ensure transparent and effective discharge of duties by the RERA. With operations of RERA being government regulated, investor trust is also likely to increase in times to come. Even though the bill is silent about regulation of the REAT operations, one may justifiably assume that it shall also be a government-regulated body and shall be governed by the same set of rules and laws by which the RERA is.


Furthermore, Section 71 of the Bill gives the power to the appropriate government to supersede authority by notification, if it is of the opinion that RERA is unable to discharge its duties in an adequate manner for circumstances beyond its control, or has defaulted in complying with the directions of the appropriate government, or in public interest.[59] Sections 63 and 64 of the bill further give the central and the state government the power to make necessary grants and loans to the RERA. We are of the opinion that such grant or loan should also extend to promoters and developers, who are able to satisfy the RERA and the government that they are not able to complete their proposed real estate projects for legitimate reasons that have given effect to such shortage in funds.


VIII. CENTRAL ADVISORY COUNCIL


The bill necessitates the central government to create ‘Central Advisory Council’ consisting of not more than 10 members to advise and recommend central government regarding:[60]

  • Implementation of the Act;

  • Major questions of policy;

  • Protection of consumer interest;

  • Fostering growth and development of the real estate sector; and

  • Other matters as prescribed.

Analysis

The Council shall also include Real estate agents that will help the government in better understanding of the real estate sector. With expert representatives from various ministries of the central and state government composing the council, the council is likely to act as the most important body providing critical recommendations to the government with regard to real estate.[61]


IX. JURISDICTION


The bill puts a bar on the civil court to entertain any suit or proceeding in respect of any matter which the RERA or the adjudicating officer or the REAT have been empowered to entertain.[62] It further forbids grant of injunction by any Court or other authority in pursuance of any powers under this Act.[63] The provisions of the bill also have an overriding effect for any other law for the time being in force, the only exception being a state, which has already enacted a law for regulation of the real estate sector, which is not inconsistent with this Bill, to which this act shall not apply.[64] However, it may be a highly likely possibility that the state enacted act may not have the same level of stringent codification as required by the bill.


CONCLUSION


In India, the real estate sector though largely unregulated has grown significantly in the recent years. However, there is still an urban housing shortage that is expected to increase to 3.41 crore units by 2022.[65] The non-availability of affordable houses, corrupt and complicated regulatory mechanisms in place, absence of professionalism, standardization and lack of adequate consumer protection,[66] have lead to a fall in real estate demand. With the new government in command, Indian economy is finally turning the corner on the real estate sector. Measures such as allowing 100% foreign direct investment in real estate projects and key reductions in the direct tax structure in the interim budget are sure to stimulate this sector.[67] In addition to this, the transparency that the bill seeks to achieve may further facilitate the reduction in property prices.


As and when the bill is notified in the official gazette and incorporated into an Act, the pressure would extend to the developers to complete the construction of ongoing projects in due course of time.[68] Even though the proposed bill covers most of the areas of concern for allottees and promoters as such and seeks to further government’s commitment towards the real estate sector, looking at the broader perspective it remains silent on the other players of the chain, such as the landowner, the developer, the architect, the contractor, the structural engineer, the agent etc. If there could be any lessons that could be learnt from Chennai floods, where majority of houses in northern Chennai were actually built on flood plains and wet lands, it could be that residential and commercial properties should not be allotted without adequate and proper due diligence.[69] The Act does not provide for any process or procedures necessary for such due diligences.


Investing in multiple new projects may generate immediate cash flows, but it does not have the same long-term impact as building investor trust does. For now lets hope that the government expedites the process of passing the bill in the next parliament session, providing the much-needed protection to this highly corrupt and scandalous sector. Yes, there is no dearth of demand for housing in a country of 1.25 billion people, but a regulatory mechanism however can at the least help them in gathering the necessary trust back, on the system.




Disclaimer: The views and opinions expressed in this article are based on extensive and thorough research. In no way does the author or the law firm claim ownership of the ideas and concepts presented in this paper. Information so provided is to be strictly considered for general reference of the subject matter, which has been adequately referenced. Specialist advice should be sought about any specific circumstances directly from the law firm.



REFERENCES


[1] Madhurima Nandy, ‘Is this India’s worst real estate nightmare’ (Livemint, 31 July, 2015) <http://www.livemint.com/Companies/N9eZnRP5BpS8kyRGWjRoYK/Is-this-indias-worst-real-estate-nightmare.html > accessed 11 January 2016


[2] Ibid


[3] Propequity, Ambit Capital research


[4] Ibid


[5] Id, 1.


[6] Nidhi Sharma, ‘Government decides to postpone passage of Real Estate Bill to next year’ (Economic Times, 22 December, 2015) < http://economictimes.indiatimes.com/news/politics-and-nation/government-decides-to-postpone-passage-of-real-estate-bill-to-next-year/articleshow/50278081.cms > accessed 11 January 2016


[7] PM India, ‘Amendments to “The Real Estate (Regulation and Development) Bill, 2013’ (PM India, 07 April, 2015) < http://pmindia.gov.in/en/news_updates/amendments-to-the-real-estate-regulation-and-development-bill-2013/ > accessed 11 January 2016


[8] Section 3 of the Bill


[9] Proviso to Section 3 of the Bill


[10] Section 4 of the Bill


[11] Section 4(2)(i) of the Bill


[12] Section 5(1)(a)(b) of the Bill


[13] Section 5(2) of the Bill


[14] Section 6 of the Bill


[15] Section 7(1) of the Bill


[16] Section 7(3) of the Bill


[17] Section 7(4) of the Bill


[18] Section 8 of the Bill


[19] Section 9(1)(2)(3) of the Bill


[20] Section 9(5) of the Bill


[21] Section 9(7) of the Bill


[22] Section 10 of the Bill


[23] PTI ‘Real Estate Regulatory Authority on Anvil’, (The Hindu, 10 December 2015) <http://www.thehindu.com/news/national/real-estate-regulatory-authority-on-anvil/article7967364.ece> accessed 12 January 2016


[24] Suresh KP ‘How Real Estate Regulatory Bill would benefit buyers/consumers?’ (Myinvestmentideas.com, 22 April, 2015) < http://myinvestmentideas.com/2015/04/how-real-estate-regulatory-bill-would-benefit-buyersconsumers/ > accessed 12 January 2016

[25] Section 11 of the Bill


[26] Section 17 of the Bill


[27] Section 18 of the Bill


[28] Section 29 of the Bill


[29] Section 20 of the Bill


[30] Section 24 of the Bill


[31] Section 21(2) of the Bill


[32] Section 21 (1) of the Bill


[33] Section 25 of the Bill


[34] Section 31(1) of the Bill


[35] Section 32 of the Bill


[36] Section 31(2) of the Bill


[37] Section 33 of the Bill


[38] Prateek Pant, ‘New real estate bill: heralding an era of transparency’ (livemint, 12 January, 2016) <http://www.livemint.com/Money/hDItw428cy31MIBfN1EnHN/New-real-estate-bill-heralding-an-era-of-transparency.html> accessed 11 January 2016


[39] Section 37, 38 (1) (2) of the Bill


[40] Section 38(5) of the Bill


[41] Section 39 of the Bill


[42] Section 46 of the Bill


[43] Section 46(4) of the Bill


[44] Section 50 of the Bill


[45] Section 60 of the Bill


[46] Section 12 of the Bill


[47] Section 14 of the Bill


[48] Section 16 of the Bill


[49] Section 61(1) of the Bill


[50] Section 61(2) of the Bill


[51] Section 61(3) of the Bill


[52] Section 63 and 64 of the Bill


[53] Section 65 of the Bill


[54] Section 66 of the Bill


[55] Section 67(1) of the Bill


[56] Section 67(2) & (3) of the Bill


[57] Section 67(4) of the Bill


[58] Section 68 of the Bill


[59] Section 71(1) of the Bill


[60] Section 35 & 36 of the Bill


[61] Kailash Babar, ‘Real estate agents now a part of Central Advisory Council’, (The Economic Times, 1 September, 2015) <http://economictimes.indiatimes.com/wealth/news/real-estate-agents-now-a-part-of-central-advisory-council/articleshow/48750987.cms> accessed 13 January 2016


[62] Section 69 of the Bill


[63] Ibid


[64] Section 78 of the Bill


[65] PTI, ‘Urban housing shortage to touch 3.4 crore units by 2022’ (livemint, 16 February 2016) <http://www.livemint.com/Politics/tLPM6YNDy19YYqOziKrheI/Urban-housing-shortage-to-touch-34-crore-units-by-2022.html > accessed 13 January 2016


[66] Statement of Objects and Reasons to the Bill


[67] Sanjay Dutt, ‘Stage set for new growth phase’, (Money Today, January, 2015) <http://www.businesstoday.in/cover-story/real-estate-growth-new-government-came-to-power/story/214112.html > accessed 11 January 2016

[68] PTI, ‘Proposed real estate law may force developers to speed up stuck projects’, (The Economic Times, 12 April, 2015) < http://articles.economictimes.indiatimes.com/2015-04-12/news/61066141_1_realty-projects-real-estate-regulatory-authority-choice-developers > accessed 11 January 2016

[69] Rajalakshmi Nirmal, ‘Lessons from Chennai floods: Why home buyers should know geography’, (The Hindu, Business Line, 13 December 2015) <http://www.thehindubusinessline.com/portfolio/people/lessons-from-chennai-floods-why-home-buyers-should-know-geography/article7983497.ece > accessed 13 January 2016


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