Real Estate

Real Estate Bill sent to Law Ministry

Our Bureau New Delhi | Updated on November 21, 2017

The Real Estate Regulation and Development Bill, 2012, has been sent to the Ministry of Law and Justice for vetting, after which it will be moved to Cabinet.

In a written reply in the Rajya Sabha, Minister for Housing and Urban Poverty Alleviation Kumari Selja said the Bill does not make it compulsory for developers to provide some portion of project townships for lower-income groups.

The Ministry has suggested amendments to the State Acts for earmarking a minimum of 20 per cent of developed land or 20 per cent of Floor Space Index in all land development/housing projects to be reserved for economically weaker sections and lower-income groups.

She said that Bill mandated the developers to disclose the project details like approved layout plan, timeline, cost, sale agreement to the regulator before selling the property.

The Draft Bill has been prepared in consultation with all stakeholders concerned like Central Ministries, State Governments/Union Territory Administrations, Consumers’ Welfare Associations, Real Estate Developers’ Associations among others, she added.

Published on September 05, 2012

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