Rajya Sabha passes Real Estate Bill, Realty deceives move to jail

Congress had extended its support to the bill.

The upper house, that had witnessed a united opposition making an attempt to corner the govt on many problems, saw a rare friendliness between the Bank Treasury and therefore the Opposition.

New Delhi: A bill that seeks to manage the property sector, transportation transparency and facilitate defend client interests was elapsed the Rajya Sabha on Thrusday.

Moving 'The Real Estate (Regulation and Development) Bill, 2015 "for review and approval, Minister Venkaiah Naidu Urban Development M. aforesaid it aims to guard the interests of buyers.

Congress had extended its support to the bill. The bill conjointly provides for imprisonment of up to a few years just in case of promoters and up to at least one year within the case of real estate agents and buyers of violation of orders.

No more real estate bites

The Rajya Sabha on Thursday approved the important Real Estate (Regulation and Development) Bill, 2015, that aims to bring transparency within the sector and defend client interests.

Describing it as "great news for aspiring home buyers," Prime Minister Narendra Modi aforesaid the bill "fully ensures larger transparency, answerableness and potency within the housing sector, liberating it from several existing defects" and provides a powerful impetus to our vision of "housing for all".

The upper house, that had witnessed a united opposition making an attempt to corner the govt on many problems, saw a rare friendliness between the Bank Treasury and therefore the Opposition.

The Congress, that had extended full support to the bill, conjointly congratulated BJP MP Anil Dave, World Health Organization light-emitting diode the committee that checked out the bill, for "taking everybody on board."

Congress' Kumari Selja aforesaid that "the whole country is waiting for this bill ... customers are waiting with bated breath for this."

Minister of Urban Development M. Venkaiah Naidu represented the bill, that was approved by a voice vote because the "need of the hour. He conjointly sought-after the support of the AIADMK members World Health Organization had opposed the live. Mr. Naidu conjointly aforesaid the bill can renew capitalist confidence and guarantee timely completion of comes and make a lot of opportunities.

Affirming that the law would forbid cash not accounted to be pumped-up into the arena, the minister aforesaid seventy % of the money needs to be deposited in bank accounts through checks. To a suggestion by Ms. Selja within the inclusion of a fairness clause within the bill, said Mr. Naidu, "There are no discrimination supported faith, region, caste, creed or sex and gender, and can embody measures within the rules. "

"There needs to be a distance of single window for all approvals," he added. The bill conjointly provides for imprisonment of up to a 3 years just in case of promoters and up to at least 1 year within the case of real estate agents and buyers for any violation of orders of the courts of attractiveness or financial penalties or each.

Mr. Naidu aforesaid he planned that a minimum of seventy % of collections buyers should be deposited within the written agreement account one by one to hide the value of construction and land.