Good news for homebuyers and developers! Rajya Sabha passes Real Estate Regulatory Bill

By: | Updated: March 11, 2016 6:05 PM

The Real Estate (Regulation and Development) Bill, 2015 after several amendments was accepted by the Union Cabinet on Dec 9, 2015.

Real Estate Bill - ParliamentThe Real Estate (Regulation and Development) Bill, 2015 after several amendments was accepted by the Union Cabinet on Dec 9, 2015.

The long pending Real Estate Bill was passed in Rajya Sabha on Thursday. The Real Estate (Regulation and Development) Bill, 2015 after several amendments was cleared by the Union Cabinet on Dec 9, 2015.

Experts see it an effective bill as it will bring in much-needed transparency and accountability in the real estate sector, which will create a consumer right protection umbrella for homebuyers, thereby increasing their confidence and timely delivery of projects.

“This Act will give long pending protection to the interests of the end-consumers and give a substantial fillip to the confidence of various stakeholders including fund providers like banks and other financial institutions, PE funds and the like. Greater institutional participation can be expected going forward,” Shishir Baijal, chairman and managing director, Knight Frank (India) said.

READ | Benefits for homebuyers and developers

Realty players welcomed the move to pass the Bill and see it as a positive move for the sector which has been witnessing slowdown for long.

“The bill is a verdict to end the age of information asymmetry, lack of accountability and unwarranted project delays, and marks the beginning of rising transparency, liquidation of assets, and, importantly, positive sentiment,” Anuj Puri, Chairman & Country Head, JLL India said.

ALSO READ:  All you need to know about Real Estate Bill

Prime Minister Narendra Modi also hailed the passage of the Real Estate Bill and called it a “great news”. He tweeted, “Passage of Real Estate Bill is great news for aspiring house buyers. It will transform the real estate sector”.

Union Minister for Urban Development Venkaiah Naidu who was upset on Wednesday over delay of Real Estate Bill took to Twitter to express his happiness. He called it a “historic day for the housing sector” and said “this is only a regulation and not a strangulation”.

Realty stocks higher in anticipation of Parliament’s approval of Real Estate Bill. Stocks of the Oberoi Realty, Phoenix Mills and Godrej Properties were trading 1.50 per cent, 1.50 per cent and 0.99 per cent up at Rs 250.65, Rs 250.65 and Rs 281, respectively at around 10.30 am.

Naidu has made efforts to get the bill listed for approval in the past as well. He took to twitter on Wednesday to express his irritation. Below are his tweets

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