Cabinet approves amendments to Real Estate (Regulation and Development) bill to create uniform regulatory mechanism.
The Union government has finally approved the setting up of a regulator to protect homebuyers and improve the credibility of the real estate sector in a move towards ridding India of the tag of being one of the world’s least transparent property markets.
The cabinet on Tuesday approved the amendments to the Real Estate (Regulation and Development) bill, 2013, to create a uniform regulatory mechanism across the country.
The bill seeks to ensure accountability and transparency to enable the real estate sector to access financial markets essential for its long-term growth. In essence, more disclosures have been demanded from developers and there are penalties attached in cases of violations.
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