The Modi government has pledged to organize the face of realty sector and give it an industry status. In that move, the real estate bill has already been drafted and passed in the cabinet. The bill will soon be discussed in the parliament’s next session and will become a law after being signed by the President of India. The Union Cabinet has already approved of the amendments made in the Real Estate Bill, 2013 making way for greater activity in the real estate sector and hassle free work.
But what is the crux of the bill? How will it benefit both developer and buyer? How will it help NRIs?
A Review of the Bill
The Real Estate Bill is significant as it aims to act as a protective cover for the consumers and establish regulatory bodies at the center and states for ethical and transparent business practices in the real estate sector. The move is seen as a fundamental plan to seek and ensure greater accountability towards consumers in this notorious real estate sector. [Read more…]