On 15 March 2016 Lok Sabha passed the Real Estate (Regulation & Development) Bill, 2015. The Bill seeks set up a Real Estate Regulatory Authority (RERA) for the orderly growth of real state sector.
Bill aims at protecting the interests of the large number of aspiring house buyers & enhances the credibility of the construction industry. Earlier, it was passed by Rajya Sabha on 10th March 2016.
Bill seeks to create a set of rights and obligations for the both consumers & developers.
The mandatory registration for projects has been brought down to 500 sq meter area, or those comprising 8 flats. It also provides for a clear definition of carpet area and a system that would require the consent of 2-3rd of the buyers in case there are changes in the project plans.
Lok Sabha passed the Real Estate (Regulation & Development) Bill, 2015
No comments:
Post a Comment