Rajya Sabha passes Real Estate Bill aiming to boost transparency in the sector
Parliamentary Affairs Minister M Venkaiah Naidu said the Bill would protect buyers’ interests and curb black-money transactions in both residential and commercial projects.
The Rajya Sabha on Thursday passed the Real Estate Bill, which the government said aims to protect buyers’ interests and make the field more transparent. The Bill was first introduced in Parliament in 2013 with the belief that the real-estate sector was susceptible to black-money transactions.
Parliamentary Affairs Minister M Venkaiah Naidu said the Bill will prohibit unaccounted money from being pumped into the sector. State-level bodies called Real Estate Regulatory Authorities will be established to oversee transactions related to both residential and commercial projects. Another provision in the Bill will oblige sellers to keep 70% of buyers’ money in a separate bank account, in order to cover the cost of construction and land, and also ensure that the buyers do not invest the money from one project into another.
Naidu said the Bill is "not against anyone", but "will renew investors' confidence and ensure timely completion of projects and create more opportunities. In this way, it will help in achieving the target of 'Housing For All'".