{"id":705,"date":"2015-12-17T09:35:12","date_gmt":"2015-12-17T09:35:12","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=705"},"modified":"2021-07-14T11:05:29","modified_gmt":"2021-07-14T11:05:29","slug":"cabinet-approves-real-estate-regulation-and-development-bill-2015","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/cabinet-approves-real-estate-regulation-and-development-bill-2015\/","title":{"rendered":"REAL ESTATE BILL, 2015  APPROVED BY CABINET"},"content":{"rendered":"<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>CABINET APPROVES REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2015<\/strong><strong>\u00a0<\/strong><\/span><\/h3>\n<figure id=\"attachment_3129\" aria-describedby=\"caption-attachment-3129\" style=\"width: 688px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/Goods-and-service-Tax.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-3129\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2015\/12\/Goods-and-service-Tax.png\" alt=\"www.caindelhiindia.com; Goods and service Tax\" width=\"688\" height=\"358\" \/><\/a><figcaption id=\"caption-attachment-3129\" class=\"wp-caption-text\">www.caindelhiindia.com; Goods and service Tax<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.<\/p>\n<p style=\"text-align: justify;\">The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.<\/p>\n<p style=\"text-align: justify;\">The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector and help achieve the objective of Government of India to provide \u2018Housing for All\u2019 by enhanced private participation.<\/p>\n<p style=\"text-align: justify;\">The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><span style=\"color: #008000; text-decoration: underline;\"><strong><span style=\"color: #800080; text-decoration: underline;\">SALIENT FEATURES OF THE BILL ARE AS UNDER:<\/span><\/strong><\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">1. Applicable both for commercial and residential real estate projects.<\/p>\n<p style=\"text-align: justify;\">2. Establishment of \u2018Real Estate Regulatory Authority\u2019 in States\/UTs to regulate real estate transactions.<\/p>\n<p style=\"text-align: justify;\">3. Registration of real estate projects and real estate agents with the Authority.<\/p>\n<p style=\"text-align: justify;\">4. Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.<\/p>\n<p style=\"text-align: justify;\">5. Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.<\/p>\n<p style=\"text-align: justify;\">6. Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.<\/p>\n<p style=\"text-align: justify;\">7. Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.<\/p>\n<p style=\"text-align: justify;\">8. Promoters barred from changing plans and design without consent of consumers.<\/p>\n<p style=\"text-align: justify;\">9. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><span style=\"color: #800080; text-decoration: underline;\"><strong><span style=\"color: #800080; text-decoration: underline;\">REPORT ON THE REVENUE NEUTRAL RATE AND STRUCTURE OF RATES FOR THE GOODS AND SERVICES TAX (GST)\u00a0<\/span><\/strong><\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Full Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST) by the Committee headed by the Chief Economic Adviser (CEA), Dr Arvind Subramanian is attached here with and is also available on the Ministry of Finance web-site finmin.nic.in.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:info@carajput.com\">info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-233 433 33<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CABINET APPROVES REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2015\u00a0 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament. The Real &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[144,658],"tags":[567,568,569,571,570,572,179,180,214,181,194,165],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/705"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=705"}],"version-history":[{"count":6,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/705\/revisions"}],"predecessor-version":[{"id":3130,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/705\/revisions\/3130"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}