Lok Sabha on 15 March 2016 passed the Real Estate (Regulation and Development) Bill, 2015. The Bill seeks set up a Real Estate Regulatory Authority (RERA) for the orderly growth of the real state sector.
The bill aims at protecting the interests of the large number of aspiring house buyers and enhances the credibility of construction industry. Earlier, it was passed by the Rajya Sabha on 10 March 2016.
The bill seeks to create a set of rights and obligations for both the consumers and developers.
The mandatory registration for projects has been brought down to 500 sq m area, or those comprising eight flats. It also provides for a clear definition of carpet area and a system that would require the consent of two-thirds of the buyers in case there are changes in project plans.
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Where: Lok Sabha
When: 15 March 2016