Union Cabinet Approves Amendments To Real Estate Regulation Bill To Protect Consumers

07 April, New Delhi

The Union Cabinet Tuesday approved amendments to the Real Estate (Regulation and Development) Bill to protect the interests of millions of consumers and curbed malpractices in the real estate sector.

The bill provides for creating a uniform regulatory mechanism across the country and enhance the growth of construction sector. It also seeks to ensure accountability and transparency in the real estate sector to access capital and financial markets essential for its long term growth.

The Bill is currently pending in the Rajya Sabha. Through the amendments to the Bill, the Cabinet has extended the applicability of the Bill to commercial real estate also.

Ongoing projects that have not received Completion Certificates have also been brought under the purview of the Bill and such projects will need to be registered with the Regulator within three months.