Rajya Sabha passed much awaited Real Estate Bill on Thursday.
Bill aims to protect interests of buyers and bring more transparency to sector.
It was first introduced in 2013. Government has accepted as many as 20 amendments in bill.
In 2012, Finance Ministry had pointed out that real estate sector is vulnerable to black money due to under-reporting of transactions.
Congress had extended its support for the Bill, which was passed by a voice vote in the Upper House of Parliament.
It is considered as a major reform measure to legalise real estate sector and bring order in it.
In case of violation of orders of Appellate Tribunals, bill also provides imprisonment of maximum three years for promoters and up to one year for real estate agents and buyers, or monetary fines or both.
Legislative measure will now go to Lok Sabha for its consent.