Real Estate in India
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INDIA, 2015/12/11
The Union Cabinet, in its conference chaired by Prime Minister Narendra Modi, has approved the Real Estate (Regulation and Development) Bill, 2015 with amendments, as recommended by the Rajya Sabha Committee.
Reaching out to the opposition, the Bill envisages provisions for depositing 70 % of the project cost by builders into an escrow account and punishment for violations of the proposed law.
The amended Bill, aimed at protecting the interest of the buyers and promoting equitable play in real estate transactions, has various other provisions that will be applicable both for commercial and residential real estate projects.
