The cabinet on Tuesday approved the much awaited Real Estate (Regulation and Development) Bill that proposes to make India’s largely unregulated and once booming real estate sector more transparent.
Ajay Maken, minister of housing & urban poverty alleviation, in a government statement said the bill provides for a uniform regulatory environment to protect consumer interests and ensure orderly growth of the real estate sector.
He expressed hope that the proposed legislation would significantly reduce frauds and delays. (Read the complete statement with highlights of the bill here)
High interest rates, rising prices and a slowing economy have hurt demand for housing in recent years, as companies continue to battle high debt and increasing construction costs.