HomeNewsBusinessEconomySeven new pending bills you should be aware of in 2014

Seven new pending bills you should be aware of in 2014

Unlike other sectors, street vending is one area in which the vestiges of the licence raj continue to hold sway. Of the 10 million street vendors in India, very few are legal. For instance, Mumbai has about 2.5 lakh vendors, but the city authorities have a licence ceiling of just 14,000.

January 23, 2014 / 13:56 IST
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Udit Misra and Jasodhara Banerjee/Forbes India

1 | The Real Estate (Regulation and Development) Bill, 2013

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The real estate sector is largely unregulated. There is lack of standardisation, transparency and consumer protection. Introduced in August 2013, this Bill deals with residential real estate, and looks into the transactional (buying and selling) aspect of the sector; it aims to bring transparency to the sector, making disclosure of project details mandatory, along with the functions of the promoter. It also aims to provide a speedy grievance redressal mechanism.  

The Bill seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level. RERAs will aim to ensure consumer protection, standardisation in business practices, and transactions in the real estate sector. Their main functions will include advising governments on development of the sector, and maintaining and publishing records on projects on its website. The Act will include setting up of a Real Estate Appellate Tribunal with powers of a civil court to address consumer grievances.