Real Estate Bill excludes Jammu and Kashmir from its scope

It seeks to protect the interests of consumers in the real estate sector.

Who it concerns: The Bill applies to real estate promoters (developers), real estate agents, allottees (buyers/consumers), and the Real Estate Regulatory Authority. It extends to the whole of India except the State of Jammu and Kashmir.

What the bill does

• Mandatory prior registration of real estate projects and real estate agents with the Real Estate Regulatory Authority.
• Prohibition on promoters taking deposits or advances without first entering into an agreement of sale.
• Establishment of a Real Estate Regulatory Authority to regulate the sector, with powers to call for information, conduct investigations, and issue directions.
• Establishment of a Real Estate Appellate Tribunal to hear appeals from the Authority's decisions.
• Establishment of a Central Advisory Council.
• Provisions for penalties and offences for non-registration, contravention of rules, and wilful failure to comply with orders by promoters or allottees.
• Obligations on promoters regarding the veracity of advertisements and adherence to approved plans.

Also in the document

• The Bill creates specific offences and penalties for non-compliance.
• The Act is stated to have an overriding effect over other laws.
• The Bill explicitly excludes the State of Jammu and Kashmir from its extent.