India passes bill to regulate real estate sector
It is expected to revive investor and buyer confidence
Add BT as a preferred sourceNew Delhi
INDIA'S Upper House of Parliament passed a bill on Thursday to regulate the real estate sector, protect home buyers and ensure the timely execution of projects with an aim to boost investor confidence and stamp out illegal practices.
The new rules, applicable to residential and commercial developments, will make it mandatory for all projects and brokers to be registered with the real estate regulator who will oversee transactions and settle disputes.
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