Cabinet defers approval of Real Estate Regulatory Bill

By PTI
19 December, 2014

The Cabinet on Wednesday deferred a decision on setting up a regulator for the real estate sector.

According to sources, the Cabinet discussed the Real Estate Development and Regulation Bill but deferred a decision on it.

The Bill, which was introduced in the Rajya Sabha in August last year, seeks to protect home buyers from unscrupulous developers.

It was then referred to a Parliamentary Standing Committee, which had submitted its report in February.

The Bill provides for mandatory registration of all projects, besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.

It also seeks to enforce the contract between the developer and buyer and provides for quick remedial measures in case of disputes.

Real estate developers have been opposing the proposed law, saying that it does not cover all the stakeholders including the government authorities that give project approvals.

However, Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu had last month assured the industry that “there will be no strangulation, only regulation”.

“The bill will be a people friendly and construction sector friendly bill. In a democracy, regulation is required,” Mr Naidu had said.


Leave Your Comment
Real Estate Bill gets cabinet nod

Real Estate Bill gets cabinet nod

Swet Sarika 2 years ago
The cabinet on Wednesday gave its nod to Real Estate (Regulation and Development) Bill, 2015 paving the way for its passage in the current winter...
Real Estate Bill likely to come up in Winter Session

Real Estate Bill likely to come up in Winter Session

PTI 3 years ago
Gearing up to move the Real Estate (Regulation and Development) Bill, 2013 for consideration in Rajya Sabha in the forthcoming Winter Session, the Housing and...
Lok Sabha approves real estate regulatory bill

Lok Sabha approves real estate regulatory bill

PTI 1 year ago
It will now be difficult for promoters and builders to delay projects, with Parliament today giving nod to a bill which gives relief to home-buyers...
No Comments

Cabinet defers approval of Real Estate Regulatory Bill

Powered by WordPress.com VIP