Lok Sabha approved Real Estate (Regulation and Development) Bill, 2016 – 15 March 2016

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Lok Sabha has approved the Real Estate (Regulation and Development) Bill, 2016 (‘Bill’) as passed by Rajya Sabha.

Moving the Bill pending in Lok Sabha after it got passed in Rajya Sabha, Minister of Housing & Urban Poverty Alleviation clarified the position on the issues such as how the Bill will be applicable to existing projects; the rules on setting aside 70% of customer advances in an escrow account; compulsory approvals prior to project launches, and payment of similar interest rate to customers as charged from them for delays will impact launches and increase compliance costs.

Click here for press release of Press Information Bureau.

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