The long pending Real Estate Bill has been passed by Rajya Sabha on Thursday.
Real Estate (Regulation and Development) Bill was introduced in Rajya Sabha in 2013. It was referred to the Standing Committee which submitted its report in February, 2014. After the NDA government was formed, the bill was again referred to a Select Committee of Rajya Sabha, which submitted its report on July 30 last year.
The proposed real estate law is aimed at protecting the interest of the buyers and sellers.
The Cabinet had in December 2015 cleared 20 amendments to the bill which seek to regulate transaction between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.