Real Estate Industry

Real Estate Bill passed in Rajya Sabha

  1. Aim: To secure the interests of home buyers and expunge corruption and inefficiency from the sector
  2. Provisions: It’s mandatory for residential and commercial projects to come under the purview of a real estate regulator
  3. The builders would be responsible for fixing structural defects for 5 years after transferring the property to a buyer
  4. It is mandatory for every developer to deposit at least 70% of money secured from clients in an independent “third-party” bank account
  5. It has powers to monitor financial transactions and settle property disputes

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