Good news for home buyers!
Paving the way for regulation of realty business, The Union Cabinet has approved the Real Estate Development and Regulation Bill along with certain key amendments.
- This proposed bill will be applicable to commercial real estate besides residential projects.
- The ongoing projects that are yet to receive completion certificates have been brought under the purview of the bill and such projects will need to be registered with the regulator within three months.
- The Real Estate Development and Regulation Bill will protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
- The bill was introduced in the Rajya Sabha last August and referred to the parliamentary standing committee.
Sources: ET / TOI