Lok Sabha today passed the Real Estate Regulation and Development Bill. The Bill regulates transactions between buyers and promoters of residential and commercial real estate projects. It establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Promoters will have to register all projects above a certain size with the RERAs.
During the debate members raised their concerns about the provision of the Bill mandating 70% of the amount collected from buyers of a project to be used only for construction of that project. Members also raised their concerns about other related issues with the sector such as streamlining the procedures of approval and black money.
In Rajya Sabha members began discussion on the General Budget.
Both the houses were sitting at the time of sending this report
PRS analysed the budgets of Andhra Pradesh and Telangana that were presented last week.
The Budget analyses of the states’ outlines major budget and policy highlights along with a background of the respective state economies.
Andhra Pradesh: The Finance Minister of Andhra Pradesh, Mr. Yanamala Ramakrishnudu, presented the Budget for Andhra Pradesh for financial year 2016-17 on March 10, 2016.
Telangana: The Finance Minister of Telangana, Mr. Eatala Rajender, presented the Budget for Telangana for financial year 2016-17 on March 14, 2016.