ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Revisiting the Real Estate Bill, 2013

The central government has introduced the Real Estate (Regulation and Development) Bill, 2013, which sets up a regulatory authority to protect consumers as well as promote the real estate sector. This article compares various provisions of the bill with a 2011 draft as well as a bill introduced in the Maharashtra legislature in 2012. It also provides a brief overview of the regulatory mechanisms in different countries for governing the real estate industry. It fi nds that the bill has serious defi ciencies and will do little to help either customers or builders. It will only add one more layer of bureaucracy to an already tedious real estate development process.

The authors thank Ajit Karnik for a fruitful discussion and gratefully acknowledge the contributions of P A Ananthanarayanan, Xerxes Desai, Vijay Kelkar, Deepak Parekh, Abhay Pethe, V K Phatak, and I S Sohel who commented on this article.

1 Introduction

The real estate industry in India is in dire need of effective regulation. The industry has witnessed significant growth over the years and attracted heavy investments. But homebuyers throughout the country face serious problems with delays in completion of projects, fraudulent developers, and illegal construction. Most countries have recognised the need to regulate this industry, and have introduced laws and established authorities to protect consumers and promote the industry.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here


To gain instant access to this article (download).

INR 59

(Readers in India)

$ 6

(Readers outside India)

Support Us

Your Support will ensure EPW’s financial viability and sustainability.

The EPW produces independent and public-spirited scholarship and analyses of contemporary affairs every week. EPW is one of the few publications that keep alive the spirit of intellectual inquiry in the Indian media.

Often described as a publication with a “social conscience,” EPW has never shied away from taking strong editorial positions. Our publication is free from political pressure, or commercial interests. Our editorial independence is our pride.

We rely on your support to continue the endeavour of highlighting the challenges faced by the disadvantaged, writings from the margins, and scholarship on the most pertinent issues that concern contemporary Indian society.

Every contribution is valuable for our future.