The government plans to bring property dealers, agents and developers under RERA
The Centre is planning to make it mandatory for real estate agents to get themselves registered with the proposed real estate regulatory authority (Rera). In the past few years there have been many incidents where property buyers have got duped by agents and brokers and have lost huge sums of money and in many cases their entire lives’ savings.
The housing ministry also intends to expand the purview of Rera to cover commercial as well as residential real estate. This will safeguard the interests of home buyers as well as businessmen who have taken commercial establishments on rent/lease or have purchased them.
The Real Estate (Regulation and Development) Bill which was introduced in the Rajya Sabha by the UPA government in August 2013 covered only residential real estate.Also, it required just real estate developers — not property dealers/agents — to register with Rera.
However there have been many cases were the parties have been duped by property dealers/agents. The idea to introduce this bill is to protect the buyers’ interests from unscrupulous agents and property brokers.
The bill proposes setting up of a Rera in every state. A senior government functionary said that the ministry was expected to formally approve the changes to the bill soon and the home buyers can take a sign of relief. A cabinet note would be moved after the bill is passed.
Source- Hindustan Times
Housing ministry, Property Buyers, rajya sabha, Real Estate (Regulation and Development) Bill, Real estate agents, Real Estate Regulatory Authority, RERA
