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Realty Game-Changer


After a long delay of three years, legislation is finally in place to protect the rights of homebuyers and ensure timely delivery of projects by real estate developers. Having had an unfettered run for all these years during which its perception was substantially sullied by some non-serious and unscrupulous players, the industry is finally going to see a huge image makeover. Though stringent in some aspects, the RERA Bill passed by Parliament is bound to help it win back the trust of the buyers and thereby, lead to improved business scenario.

A landmark legislation which is set to transform the way the real estate industry operates in the country or is perceived in public eye, is finally passed by the two Houses of Parliament. An industry which contributes about 11 per cent of gross domestic product (GDP), but is also believed to account for about a third of black money deals is sure to undergo a metamorphosis with the passage of the Real Estate (Regulation and Development ) Bill, 2015.

Regulation and transparency, the two hallmarks of growth for any industry but missing for long in real estate, will finally be in place now thereby protecting homebuyers’ interest in the sector. The ground-breaking legislation, commonly referred to as the RERA Bill, was passed by the Rajya Sabha by voice vote on March 10 after getting support cutting across political parties barring the AIADMK. The Amma’s party from the South had questioned Parliament’s legislative competence to pass such a law arguing that land is in the State List of the Constitution. But the objection was overruled by the minister.

“Great news for homebuyers.”
NARENDRA MODI, Prime Minister

“It brings in only regulation and not strangulation. This Bill is not against anyone… The Real Estate Bill will renew investors’ confidence and ensure timely completion of projects and create more opportunities.”
M VENKAIAH NAIDU, Urban Development & Housing Minister


Incidentally, the passage of the Bill was expedited with the renewed interest shown by the Congress Party after its Vice-President Rahul Gandhi told concerned homebuyers that his party will support the Bill. The party also wrote to the Prime Minister urging to prioritise the Bill in the ongoing Budget session of Parliament. Having got the RS nod, the passage of the Bill in the Lok Sabha, had become a mere formality as the Government has comfortable majority there. The seal of approval from the lower House came on March 15.

“By creating a much-needed regulator for the sector, the Government has initiated the crucial first step to protect consumers from the prevalent
opaque and fraudulent practices that have so far characterized this sector in India.”

“Buyers will now be paying only for the carpet area and not the super built-up area which was fraught with confusion earlier”.
SANJAY DUTT, MD, India, Cushman & Wakefield

The passage of the long pending piece of legislation by Parliament “will almost single handedly revamp the way this sector works across the board, from developers to end-users and investors, to lending institutions and Government agencies involved in the buying and selling of property,” according to realty expert Anuj Puri, who is the Chairman & Country Head of JLL India.

“If implemented in the right spirit, it could facilitate greater volumes of domestic as well as overseas investment flows into the sector.”


“The developers will have to augment their project management skills as the Bill is likely to segregate quality-focused developers from the fly-by-night ones.”
NEERAJ BANSAL, Head (Real Estate and Construction Sector), KPMG India

While moving the Bill in the Rajya Sabha, Urban Development Minister M Venkaiah Naidu said it aims to protect the interests of buyers and bring more transparency in the sector. “The Bill is need of the hour,” he said responding to clarifications by members saying it can see further changes in the coming times. He said the Bill now sought to make “the consumer the king” and will also “encourage developers in an atmosphere of mutual trust and confidence.” After the LS nod five days later, the minister tweeted, “I did my duty. States are given power. Now states should follow it up with timely approvals.” He emphasised further by tweeting, “Single-window approval system is being developed for ensuring timely completion of housing projects.”

“With transparency and protection of consumer interests as the primary objectives, the Bill seeks to address typical problems including construction delays and unapproved constructions.”
KALPESH MAROO, Partner, BMR & Associates LLP

“As an industry body we welcome the presence of a regulator, because it will ensure that people who are serious about the business will remain. But we are not too happy about some of the contents of the Bill.”
GETAMBER ANAND, President, Credai National

“We are a little dissatisfied with the inclusion of the ongoing projects in the Bill. This would lead to numerous problems including stoppage of work to ensure compliances.”
PRAVEEN JAIN, President, Naredco


“The passing of the Bill should enable timely approval and execution of projects which will raise the confidence of consumers and also give a huge boost to the growth of real estate sector”.

“It needs to hold local bodies and authorities, banks, contractors, financial institutions accountable and we hope they will come under its ambit in future.”

“This is an important development towards the regulation of realty sector and to provide relief to homebuyers.”
MANOJ GAUR, MD, Gaursons India & President, Credai NCR

Prime Minister Narendra Modi hailed the historic piece of legislation as “great news for homebuyers”. Based on the feedback of a parliamentary committee, the NDA Government had included 20 amendments to the Bill before bringing it on table. The earlier draft was rejected by the Rajya
Sabha last year. First authored by the UPA Government, the Bill has undergone many changes since its introduction in 2013.

Independent MP Rajeev Chandrasekhar, who played a key role in drafting the NDA version of the Bill, said: “By creating a much needed regulator for the sector at the State and Central levels, this Government has initiated the crucial first step to protect consumers from the prevalent opaque and fraudulent practices that have so far characterised this sector in India.” Among its key features, the Real Estate (Regulation and Development) Bill 2015 provides that 70 per cent of sale proceeds will have to be kept aside by the developer in an escrow account (a financial instrument held by a third party on behalf of the other two parties in a transaction) and it can be utilised for land cost and construction of the related project.


“Once implemented, the Real Estate Regulatory Bill will not only change the way real estate works but will also be beneficial to all the concerned stakeholders.”
DEEPAK KAPOOR, Director, Gulshan Homz & President, Credai Western UP

“We feel a law without making all the stakeholders concerned accountable, will not be able to help the purpose at large.”
AMIT MODI, Director, ABA Corp & V-P, Credai Western UP

“It seeks to restore buyer confidence with a strong thrust on transparency and accountability.”
ANITA ARJUNDAS, MD, Mahindra Lifespace

“Marketing and selling of the projects will now be based on carpet area basis and not super area basis, thus justifying the amount which the buyers pay for a property.”
KUSHAGR ANSAL, Director, Ansal Housing

“We hope all the states will start adopting this Act without any further delay so that the housing industry witnesses uniformity across the country.”
VIKAS OBEROI, CMD, Oberoi Realty Ltd


“The Bill will improve customer sentiments as it includes measures to ensure buyers protection and standardisation of business practices.”
GAURAV GUPTA, General Secretary, Credai RNE

“It is a significant step towards bringing transparency and financial discipline in real estate sector and securing the interests of homebuyers.”
RK ARORA, Chairman, Supertech Ltd

“The Bill will play an integral role in not only safeguarding interests of buyers/investors but also of developers across the nation.”
AMAN SINGH GEHLOT, Director, Ambience Group

“The real estate needed the regulatory bill more than any other single piece of legislation.”
KISHOR PATE, CMD, Amit Enterprises Housing Ltd

“The projects will now be completed on time and developers will have to submit all the layouts, plans and documents with the regulator who will ensure transparency, and hence, customers will feel more secure while transacting.”
ASHOK GUPTA, CMD, Ajnara India Ltd


“The Bill once made a law will not only protect property buyers but also boost investments in the sector.”
PRASHANT TIWARI, Chairman, Prateek Group

It, therefore, provides greater certainty to buyers that the money they pay to the developer will be utilised for development of the project where they have bought houses. It will also ensure the exit of non-serious or fly-by-night operators to exit from the real estate market. It is worth recalling here that while the original Real Estate Bill (2013) mandated the 70 per cent provision, the NDA had proposed to reduce it to 50 per cent or less.

While rejecting the first draft last year, the Opposition had said it favoured developers and did not serve the interests of consumers. The parliamentary committee vetting the Bill also recommended 50 per cent of the buyer money to kept in an escrow account for construction purposes. The Union Cabinet, while clearing the Bill, raised it to 70 pc but it also added land cost to the construction purpose for which the money can be withdrawn.

The Bill proposes to establish state-level real estate regulatory authorities (RERA) and appellate tribunals to regulate transactions relating to both residential and commercial projects and ensure their timely completion and handover. It calls for disposal of complaints at both appellate
tribunals and regulatory authorities within 60 days, thereby setting a timeline for resolution of disputes.

The Bill also has provision for imprisonment up to three years for promoters and up to one year for real estate agents and buyers in case of any violation of orders of the appellate tribunals or monetary penalties or both. Even in case of delays, the Bill has sought to end the asymmetry which was in favour of developers. Now, both the consumer and developer will have to pay the same interest rate for any delay on their part.


Highlighting the role of the RERA, Naidu said: “It brings in only regulation and not strangulation. This Bill is not against anyone. The Real Estate Bill will renew investors’ confidence and ensure timely completion of projects and create more opportunities. In this way, it will help in achieving the target of ‘Housing for All’,” he said.

“It will not only change the way how real estate sector functions but also benefit all the parties involved in realty transactions.”
SANJAY RASTOGI, Director, Saviour Builders

“The Bill is set to revolutionise the realty market…It will empower consumers by giving them confidence while making their real estate investments.”
ARVIND JAIN, MD, Pride Group

“The Bill intends to improve transparency in the real estate sector…It will also help in achieving the target of ‘Housing for All’.”
PRADEEP AGGARWAL, Chairman, Signature Global

“The Bill will bring more transparency to the sector and balance the currently skewed builder-buyer power equations.”


“It will have a profoundly positive effect on how both domestic and global investors view Indian real estate.”
ANIL PHARANDE, Chairman, Pharande Spaces

“It will act as a major deterrent to fly-by-night operators who bring a bad name to the sector.”
MANOJ KUMAR SINGH, Chairman, Mangalya Group

“Real estate Bill will help improve the sentiments of homebuyers by boosting their confidence level and making them more comfortable while buying properties.”
OM CHAUDHRY, Founder & CEO, FIRE Capital

“In the long run, unless Government authorities are regulated, it will not benefit the end-users or developers”.

“As a sector that lacks clarity and is riddled with legal disputes between consumers and developers, the legislation comes across as a much needed wave of hope.”


The Bill brings both commercial and residential projects under its ambit. It makes registration of real estate projects and real estate agents with the authority mandatory. It mandates that builders should disclose details of all registered projects, including those about the promoter, project,
layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc. All these details should be uploaded on the website of the RERAs. Real estate agents also need to register with the RERAs.

The legislation also brings down norms for registration of projects to a plot area of 500 sq m or eight apartments as against 4,000 sq m proposed in the draft Bill in 2013 and 1,000 sq m or 12 apartments suggested by the Standing Committee of Parliament. While some members demanded that the limit be brought down, Naidu said states will have the flexibility to bring down the threshold because the situation in different states will be different.

While pricing of housing units has been a grey area, the Bill defines the carpet area and states that this will form the basis for purchase of a house thereby eliminating the scope for malpractices in transactions. Describing it as one of the more significant aspects of the Bill, Sanjay Dutt, Managing Director, India, at the real estate services firm Cushman & Wakefield, said, “Buyers will now be paying only for the carpet area and not the super built-up area which was fraught with confusion earlier”.

Also, he said, “The developers will now have to take consent of 66 per cent of the homebuyers in case they have to increase the number of floors or change the building plans. This will protect the buyers from any adhoc changes that are a norm presently.” Attempting to regulate an estimated Rs 12-lakh crore real estate industry in the country with 76,044 firms is, no doubt, a daunting task and the Bill passed by Parliament is certainly a revolutionary measure, but a lot depends on its operation and the compliance by the stakeholders.

Largely unregulated thus far, delays of several years in handover and overshooting of project costs are common features in the sector. The new legislation is meant to change all that but there certainly are concern areas which is also reflected in the response of the developers, consultants and industry experts received by Realty & More. As Anshuman Magazine, Chairman and Managing Director of CBRE South Asia, said, “If implemented in the right spirit, it could facilitate greater volumes of domestic as well as overseas investment flows into the sector.”


Though welcoming the introduction of a regulator which will lead to elimination of unscrupulous players from the real estate business, the industry is concerned about certain other aspects of the Bill. The Confederation of Real Estate Developers’ Association of India (Credai), the umbrella body of developers, said the Bill created a roadblock by bringing ongoing projects under it. “This would mean stopping the work and ensuring the compliance of ongoing projects with the new legislation. If a project has already been sold to the extent of 50 per cent and construction is underway, it is a practical impossibility to make 50 per cent of the project compliant with the Act,” a cautious statement released by Credai said when the first report of the Bill being cleared by the Rajya Sabha trickled in.

However, speaking a day later at a Credai convention in Ahmedabad, senior members of the developers’ body were more forthcoming. “A new sword by the name real estate regulatory Act is hanging over our heads. As an industry body we welcome the presence of a regulator, because it will ensure that people who are serious about the business will remain. But we are not too happy about some of the contents of the Bill,” said Getamber Anand, President, Credai National while addressing the meet.

“The on-going projects should be kept outside the purview of the real estate regulator as and when he/she is appointed. To ask an ongoing project to get registered with the regulator will mean hunting for old documents and certificates. This will hold up projects,” he said adding that the Bill should not be retrospective in nature. There is one more serious issue, he said. “The clause dealing with the cancellation of registration of the real estate projects can be misused. People who wish to target builders and their projects, might use this clause to file false complaints against builders,” Anand added.

It is quite evident that the industry, unshackled for long, will have to reorient itself drastically to come up to the reformatory agenda outlined in the RERA Bill. It will now have strict definitions and disclosures to stick to. As Neeraj Bansal, Head (Real Estate and Construction Sector), KPMG
in India, said, “The developers will have to augment their project management skills as the Bill is likely to segregate quality-focused developers from the fly-by-night ones.”

While giving thumbs up to the Bill, the National Real Estate Development Council (Naredco), like Credai, also said, “We are a little dissatisfied with the inclusion of the ongoing projects in the Bill. This would lead to numerous problems including stoppage of work to ensure compliances.” While appealing to the Government for faster proceeding in the matter as the Bill has already been delayed by many years, Praveen Jain, President of the council, said, “It seems that the clause to deposit 70 per cent of the funds received from buyers would definitely pose financial challenge for builders”.


Hailing the passage of the Bill by both Houses as a game-changer, Kalpesh Maroo, Partner, BMR & Associates LLP, said, “With transparency and protection of consumer interests as the primary objectives, the Bill seeks to address typical problems including construction delays and unapproved constructions.” Under the new law, developers can commence promotion or marketing of projects only after registering the projects with the Real Estate Regulator. Also, they are mandated to deposit 70 percent of the funds received from consumers into an escrow account.

However, he said, “While there is no denying the need to ensure fairness and transparency in real estate transactions from a consumer perspective, the Bill in general is quite prescriptive and onerous in its requirements and entails higher compliances, higher interest costs, detailed penalties and prosecution for promoters.” Hence, on balance, he said, “The Bill has tended to over correct and over-regulate!”

Prominent industry body Ficci dubbed the passing of the Bill as a “landmark step towards enhancing the credibility of construction industry by bringing in transparency and accountability in execution of projects.” Harshvardhan Neotia, President of the Federation of Indian Chamber of Commerce and Industry, said, “I hope this Bill will put in place an effective regulatory mechanism that would safeguard the interest of consumers as well as provide protection against fly-by- night operators. The passing of the Bill, Neotia said, “should enable timely approval and execution of projects which will raise the confidence of consumers and also give a huge boost to the growth of real estate sector”.

Rajeev Talwar, CEO of DLF Ltd, country’s largest real estate developer by market cap, said: “The setting up of the Real Estate Regulatory Authority (RERA) will usher in much-needed transparency and pave the way for implementation of standard practices across the sector.” However, he said, the Bill did not address single-window clearance for approvals. “It needs to hold local bodies and authorities, banks, contractors, financial institutions accountable and we hope they will come under its ambit in future,” he added.

According to Vikas Oberoi, CMD, Oberoi Realty Limited, when the Bill will become an Act, it will ensure more transparency in realty deals and help protect the rights of the buyers. “This will boost buyer confidence and in turn help increase sales. The Bill also looks at the developers’ interest by taking into consideration external factors in case of project delays,” he said. In Oberoi’s opinion, the regulator will look at all stakeholders – the buyers, developers and the authorities.


“We hope all the states will start adopting this Act without any further delay so that the housing industry witnesses uniformity across the country, he concluded. Welcoming the passage of the Bill, Anita Arjundas, MD, Mahindra Lifespace, said, “It seeks  to restore buyer confidence with a
strong thrust on transparency and accountability.” However, she added, “Speedy action on single- window approvals will enable more efficient use of capital and also support timely delivery.”

Kushagr Ansal, Director, Ansal Housing, in his response sent to R&M, expressed happiness over various provisions of the Bill, particularly about 70 per cent of project money to be kept in an escrow account. Also, he said, “marketing and selling of the projects will now be based on carpet area basis and not super area basis, thus justifying the amount which the buyers pay for a property.”

Credai NCR President and Gaursons India MD Manoj Gaur said, “This is an important development towards the regulation of realty sector and to provide relief to homebuyers. ”According to Gaur, “the passage of Bill will also result in authentic players remaining in the market and non-credible ones exiting due to stringent checks.” But, he said, it is also important that the Bill needs to be a balanced one. “It is important to fix the accountability of approving authorities. This is important step towards avoiding  delays. Bringing Government agencies and authorities under its ambit would be beneficial to developers too,” he told Realty & More.

Gulshan Homz Director Deepak Kapoor, who is also the President of Credai Western UP, said, “Once implemented, the Real Estate Regulatory Bill will not only change the way real estate works but will also be beneficial to all the concerned stakeholders.” In Kapoor’s view, the Bill will act as a “protector of homebuyer’s interest and will help in building such brands in the market which will be known for quality and timely deliveries.” Introducing a pertinent angle, Kapoor said, “The regulator will also bring some consolidation between organised and unorganised players in the market boosting the confidence level of customers.”

Adding a rider in his welcome to the Bill, Credai Western UP V-P Amit Modi said, “We still feel a law without making all the stakeholders concerned accountable, will not be able to help the purpose at large.” Projects, he said, “are often delayed due to graft in the issuance of permits and clearances.” He wanted the Government agencies issuing permits to be brought under the ambit of the law and made accountable for undue delays.


Modi, who is also the Director of realty firm ABA Corp, said, “The whole process of approvals must be made online to reduce corruption and bribery, which is rampant in the business.” He also said that unless there is a single window clearance, low-cost housing will never happen in this country.

Another Credai leader Gaurav Gupta, who is the General Secretary of its RNE unit, said the Bill seeks to address some major concerns of the industry and protect the interests of homebuyers. “The Bill will improve customer sentiments as it includes measures to ensure buyers protection and standardisation of business practices. It will be a watchdog for the malpractices and fraudulent activities of the sector,” he told R&M. Overall, remarked Gupta, “The Bill will be of great help to both the buyers and builders.”

Welcoming the legislation, RK Arora, Chairman, Supertech Ltd, said, “It is a significant step towards bringing transparency and financial discipline in real estate sector and securing the interests of homebuyers.” It would provide clarity to the buyers on various aspects of housing projects at the time of investing in the project, he added. Arora said, “It is also a welcome step that the regulator will promote single-window clearances which is vital for the timely implementation and delivery of projects.”

Aman Singh Gehlot, Director of Ambience Group, was optimistic that “the buyer confidence, which was shaken, will now come back with this crucial step taken by the Government.” In Gehlot’s opinion, “the real estate market, which has been plagued by numerous problems like approval hurdles and delay in projects, will also improve.” Summing up, he said, “The Bill will play an integral role in not only safeguarding interests of buyers/investors but also of developers across the nation.” Putting it in the broader perspective, Kishor Pate, CMD of Amit Enterprises Housing Ltd, said, “The real estate needed the regulatory bill more than any other single piece of legislation, even though GST, the Land Acquisition & Rehabilitation Bill, single-window clearance and industry status are by no means of less importance.” The industry, he said, has been in express need of an apex body via which all concerns of consumers can be addressed transparently and efficiently. “We will now see a radical transformation of the entire residential sector.

Strict enforcement of project delivery timelines, verifiable construction quality and assurance of legal clearances will finally become a reality, and the consumer confidence which had all but evaporated will return. It is a most welcome development,” he said. Making a candid statement, Ashok Gupta, CMD, Ajnara India Ltd, said, “It is imperative to understand that the demand and respect of real estate sector has been moving downward for several years now attributing to the negatives pertaining in this sector such as fraud committed by several builders, possession delays and absence of a monitoring body, and this will continue if proper action is not taken.” With this Bill in place, he told Realty & More, every state will have a regulator who will be continuously supervising and monitoring. Moreover, he said, “The projects will now be completed on time and developers will have to submit all the layouts, plans and documents with the regulator who will ensure transparency, and hence, customers will feel more secure while transacting.”


In Prateek Group Chairman Prashant Tiwari’s view, “The Bill once made a law will not only protect property buyers but also boost investments in the sector.” The builder community, he said, will also be benefitted as the Bill would promote fair play in realty transactions. “This would also help in distinguishing the work of sincere ones and the fraudsters. The law will be a brand builder for those developers who are genuine and work to deliver quality projects in specified timelines,” he told R&M brimming with confidence.

Hailing it as a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects, Signature Global Chairman Pradeep Aggarwal said, “The Bill intends to improve transparency in the real estate sector.” The long- awaited Bill, he said, “Will also help in achieving the target of ‘Housing for All’.” Referring to the provisions about project details disclosure and escrow account, Aggarwal said, “This has increased the challenge for new developers who will be entering the market but for those like us it will help in achieving more number of projects.”

Manoj Kumar Singh, Chairman, Mangalya Group, opined that the legislation will go a long way in reducing frauds and malpractices indulged in by unscrupulous realty players. “It will act as a major deterrent to fly-by-night operators who bring a bad name to the sector”, he told Realty & More. He also expressed the hope that now the property market will gain the much-desired momentum with renewed interest and trust of buyers.

However, he said, “The Government should also give a thought to the prevailing high interest rates, limited financing avenues for developers and constantly rising prices of raw material, besides lack of a single window clearance system.”

Om Chaudhry, Founder & CEO of FIRE Capital and Chairman & CEO of Astrum Value Homes, said, “Real estate bill will help improve the sentiments of homebuyers by boosting their confidence level and making them more comfortable while buying properties.” Also, he said, “The Bill will bring more transparency in the working of the sector by promoting professionalism and standardisation of industry practices. Along with improved customer outlook and enhanced growth, the sector will also witness a better working environment for builders too.”


“It will not only change the way how real estate sector functions but also benefit all the parties involved in realty transactions,” said Sanjay Rastogi, Director, Saviour Builders, about the landmark legislation. He added that it will bring uniformity and transparency in the working of the sector. “To protect homebuyers’ interest, the Bill has several clauses to bring the much-needed relief to the stressed customers, he concluded.

Sharing his thoughts with Realty & More, Kashi Nath Shukla, CMD of Tashee Group, said, “The Bill will bring more transparency to the sector and balance the currently skewed builder-buyer power equations.” The Bill, according to Shukla, is a powerful means to make the chronically
opaque real estate sector more transparent. “Now people will feel more confident in investing into real estate, and this will result in the revival which everyone has been waiting for,” he said on an optimistic note.

In Pride Group MD Arvind Jain’s view, the long-pending Bill is set to revolutionise the realty market. “It will empower consumers by giving them confidence while making their real estate investments. It imposes strict regulations on how developers conduct their business, and underwent various redrafts aimed at doing this. It is very encouraging that the Bill is now a reality”, he said.

Anil Pharande, Chairman, Pharande Spaces, said the Bill has been drafted with a vision to give “clarity and assurance” to real estate buyers via various strictures. “It will have a profoundly positive effect on how both domestic and global investors view Indian real estate. More importantly, it will give homebuyers a strong measure of assurance,” he said. Welcoming the idea of a regulator,

Prashant Solomon, MD, Chintels, said, “What I am not happy about is that the Government authorities have not been included in this Bill.


According to Solomon, many delays happen because of the tedious nature of getting approvals. “In the long run, unless Government authorities are regulated, it will not benefit the end-users or developers”. Having delved into the various provisions of the Real Estate (Regulatory and Development) Bill and elicited different shades of opinion, it will be appropriate to summarise in the words of Dhruv Agarwala, CEO & Founder of, that as a sector that lacks clarity and is riddled with legal disputes between consumers and developers, the legislation comes across as a “much-needed wave of hope”.

Delayed possession of properties, he told R&M, has been a major cause of trust deficit and kept potential consumers away. “Statelevel regulatory authorities are now expected to ensure timely completion and handover. Homebuyers will be able to know the status of the land, site and layout plan, schedule for completion, and details on approvals from various Government agencies which will lead to increase in trust which in turn could lead to a revival in the sector,” he opined. Summing up, Aggarwala said despite some shortcomings, the path-breaking piece of legislation “would be of great help in protecting the interest of buyers and bring more transparency to the sector by making developers as well as intermediaries more accountable.”