NEW DELHI (Reuters) - The Rajya Sabha on Thursday passed a bill to regulate the real estate sector, protect home buyers and curb undeclared "black money" in property markets that costs the exchequer billions of dollars in lost taxable income.
During recent years sluggish economic growth and delays in getting approvals stalled several real estate projects, leaving buyers waiting for their homes and developers holding high debt.
The new law is expected to benefit developers such as DLF Ltd, Oberoi Realty, Sobha Ltd and Godrej Properties. It is also likely to help Prime Minister Narendra Modi achieve his election promise of providing homes for all Indian families by 2022.
(Reporting by Aditi Shah; Editing by Anand Basu)