Passage of Real Estate Bill landmark step towards development: FICCI

New Delhi, Mar.11 (ANI): Hailing the passage of Real Estate Bill, 2016 in Rajya Sabha on Thursday, the president of FICCI (Federation of Indian Chambers of Commerce and Industry) Harshvardhan Neotia called it a landmark step towards enhancing the credibility of construction industry by bringing in transparency and accountability in execution of projects.

“The passing of Real Estate Bill, 2016 in Rajya Sabha is a landmark step towards enhancing the credibility of construction industry by bringing in transparency and accountability in execution of projects. I hope this bill will put in place an effective regulatory mechanism that would safeguard the interest of consumers as well as provide protection against fly by night operators,” said Neotia.

“The passing of bill should enable timely approval and execution of projects which will raise the confidence of consumers and also give a huge boost to the growth of real estate sector”, he added.

The Rajya Sabha on Thursday passed the Real Estate (Regulation and Development) Bill, 2016, paving way for regulation in the real estate sector.

Over 17,000 projects under progress in 26 cities comes under the ambit of the Bill. (ANI)

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