The Ministry of Housing and Urban Poverty Alleviation has drafted a Real Estate (Regulation and Development) Bill to bring in transparency and accountability in buying and selling of residential properties.

According to Ministry sources, the bill, which is under consideration, provides for establishment of a ‘Real Estate Regulatory Authority’ and ‘Real Estate Appellate Tribunal’ in each state.

The regulator and the tribunal have specified functions to ensure transparency and quick redressal of grievances and resolution of disputes. The bill has been drafted in consultation with all the stake holders.