SME Times News Bureau | 05 Jun, 2013
The union cabinet Tuesday approved a bill to set up a real estate regulator, an official source said after a meeting in the national capital.
It
was reported earlier that the Real Estate (Regulation and Development)
Bill was gathering dust since 2007 allegedly due to pressure from the
powerful real estate lobby.
The proposed law will not be
applicable on commercial constructions. It will only make it mandatory
for the private builders to sell houses in residential projects on the
basis of carpet area or built up area basis instead of vague super area
basis.
