Connect with us


Ministry accepts panel report on RERA Bill


The Housing Ministry has accepted a parliamentary panel’s recommendation on the real estate Bill that bars developers from diverting more than 50 per cent of money collected from a buyer to other projects.

According to reports in the media, the ministry has also agreed to the recommendation to empower state governments to make the provisions stricter and increase 50 per cent threshold but not lower it .By the original Bill, even states are allowed to lower the limit.
In a move to ensure smooth sailing of the Real Estate (Regulation and Development) Bill in Parliament, the Housing and Urban Poverty Alleviation Ministry has accepted all 38 recommendations made by the 21-member Rajya Sabha Select committee which submitted its report last week.

Among the other accepted recommendations is a provision that all housing projects on more than 500 sq. metre would have to register with the proposed real estate regulator. The original Bill had fixed that threshold at 1,000 sq. metre.

The Bill pending since 2009 covers both residential and commercial real estate and proposes setting up of a real estate regulator to which developers would have to disclose all information such as layout plan, time schedule, status of statutory approvals, etc.

Latest News

News9 hours ago

UP Real Estate Appellate Tribunal’s “Online Justice Delivery System” awarded for Innovative Technology for Smart Governance by Computer Society of India

U.P. Real Estate Appellate Tribunal’s “Online Justice Delivery System” has been awarded for Innovative Technology for Smart Governance and selected...

News1 day ago

52% NRIs see Indian commercial properties emerging as a new asset class

The Indian real estate segment demonstrates an upward trajectory with the projection to exhibit a growth rate of 9.2% CAGR...

Guest Column1 day ago

Welspun Gp acquires Sintex BAPL

Mumbai, March 30, 2023: Welspun Group has acquired the plastic industry market leader, Sintex.  Sintex’s auto business already has a...

New Launches1 day ago

Naiknavare Developers launches Avasa, new vertical of structured plots; commences e-commerce platform designed for plotting

Pune, March 30, 2023: Naiknavare Developers, renowned for its well-thought-out community-centric residential and commercial projects in Pune, Mumbai, and Goa, today announced it...

News1 day ago

Residential demand up 14.2%, supply grew 1.9% YoY: Magicbricks PropIndex Report, Jan-Mar’23

New Delhi/Noida, March 30, 2023: Continuing on the path of resilience and overall growth, India’s residential demand increased 14.2% and...

News1 day ago

Mahindra Life transacts with Alliance Gp for 9.24 acres at Mahindra World City, Chennai

New Delhi, March 29, 2023: Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development business of the Mahindra...