Buying a house is the single largest financial investment an individual makes. Yet, in India this act is fraught with risk and individuals depend on weak laws for justice. Occasionally, deviant promoters are called to account as was the case in the detention of Unitech's promoters. This incident shows up the fallout of an absence of proper regulation to cover contracts between buyers and real estate promoters. A real estate bill, which is presently pending in Rajya Sabha, seeks to fill this gap. It has been debated for over two years and should be passed by Parliament in the budget session. 

            India is in the midst of rapid urbanization and urban population is expected to more than double to about 900 million over the next three decades. Unfortunately, even the current population does not have adequate housing. A government estimate in 2012 put the shortage at nearly 19 million units. If this shortage is to be alleviated quickly, India's messy real estate sector needs reforms. 

            The real estate bill seeks to set standards for contracts between buyers and sellers. Transparency, a rare commodity in real estate, is enforced as promoters have to upload project details on the regulators' website. Importantly, standard definitions of terms mean that buyers will not feel cheated after taking possession of a house. In order to protect buyers who pay upfront, a part of the money collected for a real estate project is ring-fenced in a separate bank account. Also, given India on land titles, the real estate bill provides title insurance. This bill has been scrutinized by two parliamentary committees and its passage now brooks no delay. 

            This bill is an important step in cleaning up the real estate market, but the journey should not end with it. State government play a significant role in real estate and they are often the source of problems. Some estimates suggest that real estate developers have to seek approvals of as many as 40 central and state departments, which lead to delays and an escalation in the cost of houses. Sensibly, NDA government's project to provide universal urban housing forces states to institute reforms to access central funding. Without real estate reforms at the level of states, it will not be possible to meet the ambition of making housing accessible for all urban dwellers. 

Question 44: The word alleviated in the second paragraph is OPPOSITE in meaning to __________.

            A. deaden        B. aggravated  C. diminished  D. relieved 

Question 45: It can be inferred from the passage that _______.

            A. the real estate bill does not provide title insurance 

            B. buying house is not a single largest individual investment 

            C. in India, no one depends on laws for justice 

            D. urbanization in India has increased rapidly 

Question 46: According to the passage, which of the following is the pending in Rajya Sabha? 

            A. Universal urban housing programme        B. Universal rural housing programme 

            C. Real estate bill                                           D. NDA government's new scheme 

Question 47: Which of the following is NOT true according to the passage? 

            A. Real state bill has been scrutinized by two parliamentary committees. 

            B. Urban population is expected to more than double to about 850 million over the next three decades. 

            C. Current population does not have adequate housing in India. 

            D. India's real estate sector needs reforms. 

Question 48: It is impossible to meet the ambition of making housing accessible for urban dwellers ________.

            A. without real estate reforms at the level of states    B. with real estate reforms at state level 

            C. without support of central government      D. without passing the bill in Rajya Sabha 

Question 49: The word escalation in the forth paragraph refers to __________.

            A. reduction    B. sustainability          C. growth        D. decrease 

Question 50: According to the passage, what is the source of problem in real estate? 

            A. State governments B. Market money makers       C. Central governments D. Buyers and sellers