The much awaited Real Estate Regulator Bill has been passed by Rajya Sabha after which a Real Estate Regulatory Authority would be set up in states and federal territories to oversee real estate transactions.
Reacting to the Bill passage, the General Secretary of Association of Certified Realtors of India, Rakesh Chaudhary, said that this legislator will give benefit to both the parties whether consumer or builder.
Whatever mandate has come both parties would be benefited with the transparency, he said.
However, he said that real estate entrepreneurs would take time to get familiar with the new rules and regulations.
For builder lobby this Bill is useful as they would know what protocols have to be followed, he added.
It will help regulate the unorganized sector and bring clarity in terms of who governs/monitors realty projects. The Bill is touted as a key reform measure in the vast real estate sector.