The NDA government had mentioned a few provisions and amendments in the Real Estate (Regulation and Development) Bill back in 2013. On Dec 9, 2015 the bill was received with cabinet’s due approval in the parliament. It is anchored at improving the scenario of domestic and foreign investment in the Indian realty sector, promoting fair play in the market, protecting the interests of buyers and bringing transparency in the sector.
Construction delays and piling up of bank interests led to a punctured confidence of buyers and investors. For a long time, the sector has felt the need for a proper regulatory authority. Now the wait is finally over. Let us take a closer look at major amendments made to the bill and how it affects the homebuyers and other market players.
1- The Real Estate bills calls for a regulatory authority to be established at state (or Union Territories) levels to regulate the real estate transactions in the area. This will instill greater transparency in the sector and investments will become more structured. Once this happens, the foreign investment in the sector would also rise. [Read more…]