New Delhi: A bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by the Rajya Sabha on Thursday.
Following is the chronology of events leading to the passage of Real Estate Bill by Rajya Sabha:
- Ministry of Law & Justice suggested a Central Law for regulation of real estate sector in July, 2011.
- Union Cabinet approved the Real Estate Bill, 2013 on June 4,2013.
- Bill was introduced in Rajya Sabha on August 14, 2013.
- Bill was referred to the Department Related Standing Committee on September 23, 2013.
- Report of the Standing Committee was tabled in Rajya Sabha on February 13 and in Lok Sabha on February 17,2014.
- Attorney General upheld validity of central legislation for real estate sector on February 9,2015.
- Union Cabinet approved Official Amendments based on the recommendations of the Standing Committee on April 7,2015.
- Bill of 2013 and Official Amendments referred to the Select Committee of Rajya Sabha on May 6, 2015.
- Select Committee tables its report along with the Bill of 2015 on July 30,2015.
- Real Estate Bill, 2015 was approved by the Union Cabinet on December 9, 2015.
- Real Estate Bill, 2015 was listed for consideration and passing in Rajya Sabha on 22 and 23 December, 2015 but could not be taken up.
- The Real Estate (Regulation & Development) Bill, 2016 passed by Rajya Sabha on March 10, 2016.
The Bill seeks to protect the interests of the large number of aspiring house buyers while at the same time enhancing the credibility of construction industry by promoting transparency, accountability and efficiency in execution of projects.
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