The much anticipated Real Estate (Regulation and Development) Bill was passed in the Rajya Sabha on Friday after which it has moved to the Lok Sabha and to the president for approval. Only after it gets assent of the President, it will become a law.
The Real Estate Bill has been a topic of discussion for the last 2-3 years. It is aimed at making the real estate business in India more regulated and transparent and make it easier for the buyers and builders to deal with each other. The realty sector lacks an organized way of doing business, thus it needs a regulating body. Now that the bill is in the hands of the parliament, market players are expecting that it will soon be out in the market as a law.
There are a few aspects of the market that will be affected after the bill is passed. Let us talk about these aspects in some detail. [Read more…]