The Lok Sabha today took up the Real Estate (Regulation and Development) Bill, 2015 for consideration and passage. The bill was already passed by the Rajya Sabha last week. It is aimed at protecting the interests of the large number of aspiring house buyers while at the same time enhancing the credibility of construction industry by promoting transparency, accountability and efficiency in execution of projects. <br/><br/> The Bill seeks to regulate transactions between buyers and promoters and provides for setting up of state level regulatory authorities. It also provides for registration of promoters and agents with the authorities. The promoters are mandated to deposit 70 per cent of the money collected from buyers in a separate bank account, to be used only for construction of that project.<br/><br/>Moving the Bill, Urban Development Minister Venkaiah Naidu said under the bill the promoters and builders will have to disclose project information including details of the promoter, land status, status of approvals, agreements along with details of real estate agents and contractors. He said Bill seek to bring transparency and provide level playing field in the real estate sector.<br/><br/>Initiating the discussion, Congress MP K C Venugopal said the bill is the need of the hour to fulfil the dream of home buyers particularly poor. He also requested the Minister to remove the requirement of mandatory restrictions for registration of 500 Square meters housing projects. The discussion is continuing.