The government said that it is consulting all parties on the real estate bill, and would consider a demand by some Rajya Sabha members to send it to a select committee. Parliamentary Affairs Minister, M. Venkaiah Naidu, the government people will complete the consultation process in a day or two. The Real Estate (Regulation and Development) Bill, 2013, aimed at establishing a regulatory authority for the real estate sector, was deferred by the Rajya Sabha earlier with opposition members insisting that it be sent to a select committee.
The bill regulates transactions between buyers and promoters of residential real estate projects. It establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). As per the bill, residential real estate projects, with some exceptions, need to be registered with RERAs. Promoters cannot book or offer these projects for sale without registering them. Real estate agents dealing in these projects also need to register with RERAs.