Assembly passes Real Estate (Regulation and Development) Bill

Thiruvananthapuram: Kerala Assembly passed the Kerala Real Estate (Regulation and Development) Bill today.

The Bill proposes formation of a real estate regulatory authority and appellate tribunal to promote real estate business in the State and protect the interests of clients.

The Bill seeks to make it mandatory for promoters of large projects and real estate agents to register with the authority and fulfill the stipulations regarding project implementation. The stipulations include proper agreements with customers and maintenance of bank deposits to ensure that money collected from clients are not diverted for other projects.

The Authority will have powers to award compensation for cheating of customers through false advertisements or breach of agreements. The Authority can also recover dues from both the promoters and clients on the basis of enquiry into complaints. In case of failure to complete a project, the promoter will have to return the money collected from customers with interest.

Manjalamkuzhik Ali, Minister for Urban Affairs and Minority Welfare, who piloted the Bill, accepted 85 amendments moved by members to the Bill reported by the Subject Committee.