New Delhi: The Cabinet on Wednesday deferred a decision on setting up a regulator for the real estate sector.
According to sources, the Cabinet discussed the Real Estate Development and Regulation Bill but deferred a decision on it.
The Bill, which was introduced in the Rajya Sabha in August last year, seeks to protect home buyers from unscrupulous developers.
It was then referred to a Parliamentary Standing Committee, which had submitted its report in February.
The Bill provides for mandatory registration of all projects, besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.
It also seeks to enforce the contract between the developer and buyer and provides for quick remedial measures in case of disputes.
MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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