The union cabinet Tuesday approved a bill to set up a real estate regulator, an official source said after a meeting here.
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.
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.