• Privacy : ‘If You’re Not Paying for It, You’re the Product Being Sold’ – Privacy Issues on the Internet

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COVER LETTER

Name: - SHREYA CHAURASIA,

Permanent Address: - E-31, SECTOR G,
LDA COLONY
KANPUR ROAD,
LUCKNOW. Pin -226012
MOBILE NO: +919889334137,

Temporary Address: - BHARTI VIDYAPEETH GIRLS HOSTEL,
STAFF QUARTERS ROOM-A
NEW LAW COLLEGE,
ERANDWANE, PAUD ROAD, PUNE.
PIN- 411038
MOBILE NO:- +91 9762438738

Language: - ENGLISH
TOPIC:- The Real Estate (Regulation and Development) Bill 2011—A Step Towards a greater transparency in real estate sector? Email ID: - shreyarocks93@gmail.com

Phone no: - +91 9762438728

Course: - BA LLB (FIVE YEAR COURSE),
NEW LAW COLLEGE,
BHARATI VIDYAPEETH UNIVERSITY

Year of Study/CLASS: - BA.LLB SECOND YEAR (FIVE YEAR COURSE)
SHREYA CHAURASIA
DATE:- 10th January 2, 2012

The Real Estate (Regulation and Development) Bill 2011
—A Step Towards a greater transparency in real estate sector? Land laws have more or less remained static over more than a century, however some new legislations are sought to be enacted which will affect the real estate industry in a big way. Prominent among them are LARR 2011, Land Titling Bill 2011, Model Residential Tenancy Act, 2011 and The Real Estate (Regulation and Development) Bill 2011. These legislations if enacted in the present form would make land transfers safer and transparent. The real estate industry despite its mammoth size did not have a regulator to regulate and balance the interests of the developers on one hand and the consumers on the other hand. The level of transparency about the nature of project, size, cost and the likely time to complete the project was close to zero. No guidelines were framed stating the duties of the developer to the consumer. Allegations about exorbitant amount being charged, delay in completing the project or abandoning the project were openly made against some of the builders. The consumers had to sign on the dotted line, while the builder reserved the right to change the terms of the Agreement with ease. The average consumer suffered silently, those who challenged had to take recourse to Consumer Courts. The Real Estate (Regulation and Development) Bill 2011 is an attempt to make builders accountable and transaction of sale smooth. The Developers may feel that the proposed Bill is anti-developer, however it is the otherwise. This Bill if implemented in its letters and spirits would offer twin advantage to the honest developers, first it will keep the scrupulous developer at bay and secondly sooner than later it will push sale of the developed land/flats. The Draft Real Estate (Regulation & Development) Bill, 2011 seeks to establish a regulatory oversight mechanism to enforce disclosure, fair practice and accountability norms in the real estate sector, and to provide adjudication machinery for speedy dispute redressal. This Act is in pursuance of the powers of Parliament to make laws on matters enumerated in the Concurrent List namely, transfer of property other than agricultural land; registration of deeds and documents, and contracts including partnerships, agency, contracts of carriage, and other special forms of contracts, but not including contracts relating to agricultural land. “The Real Estate (Regulation and Development) Bill 2011 to establish the Real Estate Regulatory Authority for regulation and planned development in the real estate sector and to ensure sale of immovable properties in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and establish an Appellate Tribunal to adjudicate disputes and hear appeals from the decisions or orders of the Authority and for matters connected therewith or incidental thereto.”

The Bill aims at restoring confidence of the general public...
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