(Edited Image Courtesy: CPWD)

 

Aam Aadmi’s quest for a job and a house would remain a nightmare for millions if the lame-duck Real Estate (Regulation and Development) Bill, 2013 (RERDB) is enacted into a law. 

RERDB suffers from enormous reforms and regulatory deficit due to be certain factors explained later in this column. It would thus not help the country realize fully the amazing potential of the real estate sector for inclusive growth.

The Bill neither provides a fair deal to the consumer nor to the seller as it has left out Government, whose actions directly or indirectly impact the real estate in humungous manner. Exclusion of Government would only create new conflicts between the buyers and developers as the issue of delays due to Government would enjoy deemed immunity under the proposed law. 

Moreover, the Government has also not brought under RERDB’s ambit certain other stakeholders such as NGOs whose unaccountable actions have wrecked havoc on both the buyers and developers of properties.