Union Cabinet on Wednesday approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of the Rajya Sabha. The Bill will now be taken up for consideration and passing by Parliament.
Chaired by Prime Minister Narendra Modi, the Cabinet gave the nod to the Bill, a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
The Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the real estate sector and help achieve the objective of the government to provide housing for all by enhanced private participation, according to a release.
The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The salient features of the Bill include provisions which are applicable to both commercial and residential real estate projects and the establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
