Lok Sabha passed Real Estate (Regulation and Development) Bill, 2015

 Lok Sabha on 15 March 2016 passed the Real Estate (Regulation and Development) Bill, 2015. 
•    The Bill seeks set up a Real Estate Regulatory Authority (RERA) for the orderly growth of the real state sector.
•    The bill aims at protecting the interests of the large number of aspiring house buyers and enhances the credibility of construction industry. 
•    Earlier, it was passed by the Rajya Sabha on 10 March 2016.
•    The bill seeks to create a set of rights and obligations for both the consumers and developers.
•    The mandatory registration for projects has been brought down to 500 sq m area, or those comprising eight flats. 
•    It also provides for a clear definition of carpet area and a system that would require the consent of two-thirds of the buyers in case there are changes in project plans.