The Union Cabinet, in its meeting chaired by Prime Minister Narendra Modi, has approved the Real Estate (Regulation and Development) Bill, 2015 with amendments, as recommended by the Rajya Sabha Committee.
Reaching out to the opposition, the Bill envisages provisions for depositing 70 percent of the project cost by builders into an escrow account and punishment for violations of the proposed law.
The amended Bill, aimed at protecting the interest of the buyers and promoting fair play in real estate transactions, has various other provisions that will be applicable both for commercial and residential real estate projects.
The Modi government had earlier watered down a few provisions in the Bill, to which the Congress objected. The Bill will now be taken up for consideration and passing by the Parliament.
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