India's upper house of parliament passes real estate regulation bill

Unitech

10/03/2016 11:33

NEW DELHI, March 10 (Reuters) - India's upper house of 
parliament on Thursday passed a bill to regulate the real estate 
sector, protect home buyers and curb undeclared "black money" in 
property markets that costs the exchequer billions of dollars in 
lost taxable income. 
    During recent years sluggish economic growth and delays in 
getting approvals stalled several real estate projects, leaving 
buyers waiting for their homes and developers holding high debt. 
    The new law is expected to benefit developers such as DLF 
Ltd  DLF.NS , Oberoi Realty  OEBO.NS , Sobha Ltd  SOBH.NS  and 
Godrej Properties  GODR.NS . It is also likely to help Prime 
Minister Narendra Modi achieve his election promise of providing 
homes for all Indian families by 2022. 
 
 (Reporting by Aditi Shah; Editing by Anand Basu) 
 ((aditi.shah@thomsonreuters.com; +91-11 4178 1031; Reuters 
Messaging: aditi.shah.thomsonreuters.com@reuters.net; twitter: 
@aditishahsays)) 
 
Keywords: INDIA REALESTATE/REGULATIONS