Real issues lost in Real Estate Bill

The real estate sector is one of the most unstructured yet an important sector — providing largest employment next only to agriculture — of the economy that has been trying hard to get industry recognition and has been earnestly pushing for a regulatory body to create a policy framework. The Real Estate (Regulation of Development) Bill is the response of the Government to the oft-repeated demands of the developers and the consumers. The Real Estate (Regulation of Development) Bill 2011 falls woefully short of the need for a Real Estate Regulator. In essence, it seeks to punish developers for each and every slippage, even where the issues are beyond his imagination and control — a travesty of justice.

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