NEW DELHI, March 15 - It will now be difficult for promoters and builders to delay projects, with Parliament today giving nod to a Bill which gives relief to home-buyers and proposes imprisonment of up to three years, besides monetary penalties for any violation of rules.
The Real Estate (Regulation and Development) Bill, 2013, approved by the Lok Sabha today, five days after its passage by the Rajya Sabha, is designed to protect consumer interest, ensure efficiency in all property-related transactions, improve accountability of developers, boost transparency and attract more investments to the sector, the Government said.
It provides for setting up of a Real Estate Regulatory Authorities (RERAs) which will ensure timely execution of projects. � PTI
