The Union Cabinet on Wednesday 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 Cabinet chaired by Prime Minister Narendra Modi gave the nod to the Real Estate (Regulation and Development) Bill. The bill aims to protect the interest of consumers, promote fair play in real estate transactions, ensure timely execution of projects and fix accountability on builders in developing projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. The proposed law 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 law will be applicable both for commercial and residential real estate projects and establishment of a ‘Real Estate Regulatory Authority’ in states/UTs to regulate transactions. Registration of real estate projects and agents with the authority, mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc are the other features of the Bill. The Cabinet approved a proposal for central legislation to declare 106 additional inland waterways as national waterways.
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