Considering that lack of transparency and regulation is one of the biggest reasons for the turmoil in real estate triggered by credibility crisis, the government has come up with an amended Real Estate Regulation Act (RERA) Bill, 2015, making it more broad-based by bringing commercial real estate and property agents under its ambit. The bill, currently before a select committee of parliament, is expected to be passed in the upcoming monsoon session of parliament.

While charting the reform path, the government is fully conscious of the fact that cash transactions and the circulation of black money in property transactions has been the bane of real estate. So, in order to weed out black money in real estate, the government is making PAN and Aadhaar card numbers mandatory for registering property valued at Rs 100,000 or more. It has drastically lowered the limit to check under valuation of property deals.

The Benami Transaction Bill, 2015 will also come handy to check the circulation of black money in real estate. The two major policy initiatives of developing 100 smart cities and "Housing for All by 2022" are quite significant, though not much headway is being made on spelling out how the massive funding required for these initiatives will be arranged.

Politics has taken toll of the most crucial reform initiative — Land Acquisition Bill, with the opposition dubbing the revised bill introduced by the Modi government as anti-farmer. It has been stalled and currently before the joint committee of parliament.

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