India News: The Union Cabinet on Tuesday cleared a legislation to set up a long-pending real estate regulator aiming to protect homebuyers from unscrupulous developers and builders. A real estate regulator — to be set up in every state — will ensure that private developers get all their projects registered with it before sale and only after obtaining all necessary clearances. <br />"It will be mandatory for developers under the law to get every project registered with the regulator before selling any immovable property," an official said. <br />While the commercial real estate has been kept out of purview of the proposed bill, it will apply to residential buildings.
