Cabinet is likely to approve changes to real estate bill ahead of introduction in Parliament

Q: The Real Estate (Development and Regulation) Bill is likely to approve the changes on today.

Ravindra Singh,

9th December 2015

Real estate News in Mumbai

real estate bill

real estate regulation and development bill

Follow Discussion

Also see discussions for

Mumbai Real estate News Real estate News in Mumbai

Replies (2)

It is really a good news for the people at large and we are very hopeful of the bill going through since it is people who are suffering as there is no framework to protect them from unfair trade practice by real estate players. The cabinet approval for changes is necessary before the revised bill is raise for discussion.

Prava, Delhi

9th December 2015

Comment

I appreciate the governments' move. These days, a developer has to pay only 2-3% interest as penalty in case of their default whereas, the consumers has to pay 16-18% for their default. This is totally unfair. So, the Rajya Sabha panel asked for the same in any default by either of them.

Vikash V, Ahmedabad

9th December 2015

Over and above, the panel had also recommended that 50% of payments made by home buyers for a real estate project should be kept in a separate account and used for that specific project only.

Prava, Delhi

9th December 2015

@Prava,
Besides, in addition to the provision of up to 3 yrs. imprisonment proposed by the government, the committee had recommended imprisonment clause for a realtor failing to abide by the orders of the appellate tribunal.

Lalit Verma, Mumbai

9th December 2015

Yes, the housing ministry has included almost all the amendments recommended by the committee so that there is hardly any room for any political party to raise an objection in the bill that is necessary for protecting the interest of home buyers and other consumers.

Ananya,

9th December 2015

Comment