New Delhi, April 7 (IANS): The union cabinet on Tuesday gave its approval to amendments to the real estate bill which seeks to promote fair play in real estate transactions and proposes creating a regulatory authority.
"The union cabinet, chaired by Prime Minister Narendra Modi today gave its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013 pending in the Rajya Sabha, and approved amendments proposed in the Bill," a PMO release said.
Officials said that the real estate and housing sector, at present, was largely unregulated and opaque with consumers often being unable to procure complete information or enforce accountability against builders.