Real Estate Bill passed in Rajya Sabha

Allays industry fears, says regulation not strangulation

GN Bureau | March 10, 2016


#NCR home buyers   #Rajya Sabha   #Real Estate Bill  


The Rajya Sabha has passed the Real Estate Bill (2016) which seeks to protect buyers from builders who fail to deliver projects on time.
According to union urban development minister M Venkaiah Naidu, the bill will promote timely execution of projects thereby achieving the objective of ‘housing for all’. In his twitter account, the minister listed the benefits of the bill which includes speedy resolution of disputes and orderly execution of real estate projects. The bill majorly plans to address consumer fears and tackle illegal development. The draft bill is applicable to all residential and commercial projects above 500 square meters and more than eight apartments.

The minister also allayed industry fears.


He said that the bill seeks to weed out fly-by-night operators, channelise funds into the sector and build credibility for the Indian real estate sector.


Earlier, amendments to the Real Estate Regulation Bill (2013) were approved by the union cabinet. The amendments can be seen here


 

 

 

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