Recently, Rajya Sabha passed the Real Estate Regulatory Bill, which will be immensely helpful in regulating the real estate sector making it more transparent and authentic for buyers as well as developers. Below are the major highlights of the Real Estate Regulatory Bill:

1. Development of Real Estate Regulatory Authority: The bill recommends the development of a Real Estate Regulatory Authority in each state for monitoring the real state transactions and benefits. It proposes to appoint one or more adjudicating officers to fix disputes and enforce compensation with interest.

2. Compulsory deposit of 70 percent of the project funds: This bill obliges the developer to deposit 70% of the project funds in a dedicated bank account. This step will ensure that the developers have no right to invest buyers fund in numerous new projects with the proceeds of the booking money for one project.

3. Mandatory Public Disclosure of all project details: The bill mandates all developers to make available, details such as information of promoters, details of the project, layout plan, land title status, government approvals, status of statutory approvals and disclosure of proforma agreements, names and addresses of real estate agents, contractors, architect, structural engineer and more, for all potential buyers.

4. Registration of Real Estate Projects and Agents: To make real estate business more transparent, developers need to register their projects with the Real Estate Regulatory Authority. Real estate service providers who anticipate to sell any plot, building, or apartment also needs to register themselves with the authority.

Additionally, if the project is under delay in some circumstances, then the developer needs to pay the same interest as the EMI being paid by the consumer to the bank, back to the consumer.