Cabinet clears Real estate bill 2015; Bill to be taken to Parliament now
Updated: Dec 10, 2015 11:25:29am
New Delhi Dec 10 (KNN) The Union Cabinet headed by the Prime Minister Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015,as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.
The long awaited Real Estate (Regulation and Development) Bill is an initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
“The Bill provides 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 Government of India to provide ‘Housing for All’ by enhanced private participation,” the Cabinet said in a release on Wednesday.
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 Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets.
The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization, the release added. (KNN Bureau)
The long awaited Real Estate (Regulation and Development) Bill is an initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
“The Bill provides 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 Government of India to provide ‘Housing for All’ by enhanced private participation,” the Cabinet said in a release on Wednesday.
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 Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets.
The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization, the release added. (KNN Bureau)
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