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Recently Real Estate (Regulation &Development) Bill, 2016 was passed near unanimously by the Rajya Sabha with almost all the parties welcoming the Government’s decision requiring developers to deposit 70% of the collections from the buyers in a separate account to meet construction costs including that of land. The bill has come at a right time and it will be a much desired catalyst for the real estate sector benefitting both the consumers and project developers.
Brief Highlights of the Bill
However there are some concerns:
The Real estate bill is poised to be a game changer in the sector promoting transparency and accountability for consumers. With new bill in place government’s idea to get all the stake holders on board is completed. With effective PPP model in place Government can make use of this bill for schemes like Housing for all by 2022 etc, with clear road map for foreign investors the bill is also expected to boost FDI investments in the sector which has huge potential for growth.
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