Cabinet approves Real Estate (Regulation and Development) Bill, 2015

The Union Cabinet chaired by the Hon’ble Prime Minister Shri Narendra Modi ji has approved the Real Estate (Regulation and Development) Bill, 2015 which will now be taken up for consideration and passing by the Parliament.
The Real Estate (Regulation and Development) Bill is a initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
The main features of the Bill are as follows:
· Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
· Applicable both for commercial and residential real estate projects.
· Registration of real estate projects and real estate agents with the Authority.
· Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.
· Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
· Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.
· Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.
· Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.
· Promoters barred from changing plans and design without consent of consumers.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will also boost domestic and foreign investment in the Real Estate sector and help in achieving the objective to provide ‘Housing for All’ by enhanced private participation

MID-DAY News Headlines:-
* Prime Minister Narendra Modi expresses concern over repeated disruptions in Parliament; Says democracy cannot function at the whims and fancies of anyone.
* Both houses of Parliament continue to face disruptions over National Herald issue.
* Supreme Court upholds validity of Haryana law fixing minimum educational qualification for candidates contesting Panchayat polls.
* In Tamil Nadu, respite from rain in most parts of the state; Relief measures in full swing.
* Bombay High Court acquits Salman Khan of all charges in hit and run case.
* The United Nations calls upon China to halt torture of human rights activists by government.
* Sensex trades in green in afternoon session.

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