Real estate sector under new constitutional law
The government is set to enact a new law to constitute a regulatory authority to look after issues relating to real estate sector in order to bring in transparency.
According to sources, a new Real Estate (Regulation and Development) Bill, 2012 is on the agenda of the Union Cabinet. The draft bill is likely to be approved by the Union Cabinet at the meeting. The bill is being proposed by ministry of housing and poverty alleviation.
The major proposals in the bill includes setting up of regulatory authority in each states, registration of builders working on projects exceeding 1,000 square meters, mandating developers to submit project details and also a few safeguarding features for real estate promoters.
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