India News: The Union Cabinet on Tuesday cleared a legislation to set up a long-pending real estate regulator aiming to protect homebuyers from unscrupulous developers and builders. A real estate regulator — to be set up in every state — will ensure that private developers get all their projects registered with it before sale and only after obtaining all necessary clearances.
"It will be mandatory for developers under the law to get every project registered with the regulator before selling any immovable property," an official said.
While the commercial real estate has been kept out of purview of the proposed bill, it will apply to residential buildings.