On Thursday Parliament has passed the Rial Eestate Bill. In this bill government has established some laws related to Real estate. Government has also added twenty correction advised by RajyaSabha panel before passing this Real estate Bill.
This bill was pending in RajyaSabha from year 2013. This law will protect the buyers from the real estate cheaters and fake promoters.
Here we are going to tell you the top 10 points of this Real estate Bill :-
- Now According to Real estate Bill, All the builders will have to provide the Flats in the time line of commitment signed in builder buyer agreement.
- Now All the Property agents will have to Register in Real estate Regularity Authority.
- Authority will be created in each estate.
- Buyers cases will be heard as soon as possible.
- A single window system will be started for the early clearance of Housing projects.
- These laws will be applicable on business properties as well.
- People will get rid from frauds.
- Laws will also applicable on commercial properties.
- Real estate bill will create transparency in system.
- It will require at least 2/3 peoples agreement before doing any change in plan by the builder.
So here you read the main points of Real estate Bill passed by Indian Government.