Real Estate Bill to be tabled in Parliament during winter session for approval

By Accommodation Times News Services

Real-estate-billThe Real Estate (Development and Regulation) Bill, 2013, which is said to bring transparency in the sector and reduce the malpractice going on in the sector through regulatory mechanism, is expected to be passed in the forthcoming Winter session of Parliament.

All the amendments in the Bill proposed by the Rajya Sabha Select Committee are approved and accepted by the Housing and Urban Poverty Alleviation (HUPA) Ministry. Now the Ministry will propose the amended legislations for the cabinet’s approval and after that, it will be tabled in the Parliament.

The bill will set up a regulatory framework that will govern contracts between home buyers and sellers. A regulator to reduce malpractices in the real estate sector, which is one of the biggest sinks of black money, was long overdue.

As per the amendments proposed by the Select Committee, there will be parity in the interest payable by consumer and developer in case of any default by either. At present the scales are tilted heavily against the consumers.

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