Finally the government broke through the woods and cleared the real estate regulatory bill that was pending for long. The bill will bring in more transparency. This is likely to help buyers. For instance, the bill has provisions that entitle buyers to receive the full amount along with interest if the builder is unable to give the delivery on time. Further, as per the bill, a builder can start a new project only if he has all the relevant permissions in place. In short, the new bill is deemed to be a universal remedy for all the problems engulfing the real estate sector right now.

However, the truth is far from this. Once the bill comes into force, only new real estate projects will come under its ambit. Thus, buyers who bought property earlier will continue to face the problems they are facing now. Secondly, the bill aims to establish a real estate regulator in every state. While the move seems logical it may be noted that doing this can turn out to be a long drawn process. Lastly, it may be noted that most builders have been thriving till date despite their ill intentions since they have a nexus with politicians. And with politicians having stakes in most real estate projects, the possibility of wrong doing for self interest always exists. A bill can bring in transparency and better governance provided the intentions of the market participants are right. With mala fide intentions, no bill can change the fortune of any sector. And real estate is no exception here.