New Delhi: The Lok Sabha on Tuesday passed the Real Estate Bill in Parliament. The bill seeks to protect the interests of property buyers against unscrupulous promoters and set up a sectoral watchdog.
The bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by the Rajya Sabha on March 10.
Moving 'The Real Estate (Regulation and Development) Bill, 2015' for consideration and passage, Urban Development Minister M Venkaiah Naidu said it aims to protect the interests of buyers and bring more transparency in the sector.
The Congress had extended its support to the Bill, which was passed by a voice vote in the House. It is touted as a major reform measure to regulate the vast real estate sector and bring order in it.
Minister of Housing and Urban Poverty Alleviation M Venkaiah Naidu said that over the years the sector has acquired a degree of notoriety which needs to be addressed to enable enhanced flow of investments.
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