The salient features of the Bill are as under:
- Applicable both for commercial and residential real estate projects.
- Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
- Registration of real estate projects and real estate agents with the Authority.
- Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
- Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.
- Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.
- Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.
- Promoters barred from changing plans and design without consent of consumers.
- Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.