The draft for the ambitious real estate regulation bill, aimed at facilitating growth and promoting a transparent, efficient and competitive real estate market in the country, is being finetuned by the government, it is learnt. The final draft bill is expected to be ready for submission by the winter session of Parliament. The government is keen to introduce a system of rating for builders and developers through the bill.

The move is expected to help improve transparency of their operations, and in turn help the beleaguered sector regain the confidence of financial institutions and potential customers. “Ratings in the realty sector are meant to inculcate business ethics in product development and delivery as evolving a rating system will bring customer focus and help in building a brand image. The rating of a project or developer builds confidence by ensuring that a reasonable quality product is delivered in a specified time and within the specified price range,” Kumari Selja, housing and urban poverty alleviation minister, said at an event organised by Assocham.