RERA Bill would abolish many existing flaws in real estate sector: Kalraj Mishra

New Delhi, Mar 16 (KNN) Union MSME Minister Kalraj Mishra hailed the passage of Real Estate Bill in the lower house of the Parliament and said that it would transform the Real Estate sector.

Writing on the micro-blogging site twitter, the Minister said, "Big Cheers for Home Buyers as #RERABill passed in Lok Sabha too,great news for aspiring house buyers.It will transform the Real Estate sector."

Mishra said that the Bill ensures transparency, accountability and efficiency in real estate sector. It will abolish many existing flaws too.

The bill regulates transactions between buyers and promoters of residential and commercial real estate projects. It establishes state-level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Promoters will have to register all projects developed in 500 sq metre or above with the RERAs. (KNN Bureau)