UPDATE 1-Indian cabinet amends real estate bill to stamp out illegal practices

April 8, 2015 7:36 AM

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NEW DELHI/MUMBAI, April 8 (Reuters) - India's cabinet has amended 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.

The decision by Prime Minister Narendra Modi's government to amend the bill, which was submitted by the previous government in 2013 but not passed by the upper house, aims to boost investor confidence and stamp out illegal practices.

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