Lok Sabha on Tuesday passed Real Estate Bill, which aims to bring more transparency to the sector and also aims to protest interest of buyers.
Bill would forbid unaccounted money from being entering the sector. Around 70 percent of the money has to be deposited in bank accounts through cheques as of now.
It also provides at least three years jail, in case of promoters and and three years for real estate agents and buyers for any abuse of orders of Appellate Tribunals or monetary penalties or both.
Bill also suggested that a minimum of 70 percent collections from buyers should be put in separate escrow account to cover cost of construction and land.
It has already been passed in Rajya Sabha.