The Government is gearing up to ensure the passage of the crucial real estate bill, which is aimed at curbing malpractices in the sector and bringing transparency through regulatory mechanism, in the forthcoming Winter session of Parliament.
The Housing and Urban Poverty Alleviation (HUPA) Ministry has accepted all the amendments proposed by the Rajya Sabha Select Committee in the Real Estate (Development and Regulation) Bill, 2013, and is readying to move the amended legislation for the cabinet’s approval.
The amended bill will be tabled in Parliament after the cabinet approval, said a senior HUPA Ministry official.
The bill seeks to set up a regulatory framework that will govern contracts between home buyers and sellers. A regulator to curb malpractices in the real estate sector, which is one of the biggest sinks of black money, was long overdue.
As per the amendments proposed by the Select Committee, there will be parity in the interest payable by consumer and developer in case of any default by either. At present the scales are tilted heavily against the consumers.