The Sahara group had earlier said that Subrata Roy is not liable for refunding Rs 24,000 crore collected by its two firms from investors.
SEBI demanded Subrata Roy's passport to be impounded till the contempt plea against him is decided.
The Cabinet approved the Real Estate (Regulation and Development) Bill on Tuesday.
The builders had allegedly bribed the corporation officials to turn a blind eye to the construction.
Sebi had summoned Roy and three other directors of two Sahara firms for personal appearance in an order dated March 26.
The commission slammed the builder for his casual approach towards filing his response during the hearing.
GR Khairnar, former municipal commissioner, Mumbai joined IBNLive readers on Thane building collapse.
SEBI is verifying the credentials of more than three crore investors for the refund as per a direction from the Supreme Court.
Sebi has also approached the Supreme Court seeking orders for detention of Subrata Roy.
Maken said all relevant clearances for real estate projects would have to be submitted to the regulator and displayed on website before starting the construction.
Loharia was gunned down by two assailants outside his office at Vashi in Navi Mumbai on February 16.
Real estate contributes 5.5 pc to the GDP and together with the construction industry the share goes up to 11 pc.
The SEBI on Wednesday cracked down on Sahara group, freezing more than 100 bank accounts of two of its companies.
Unitech's consolidated net debt stood at Rs 5,421 crore as on December 31, 2012.
The data said that the growth in the GDP during 2011-12 has been achieved due to expansion in financing, insurance, real estate and business services.
In India, an astute real estate investment can be really profitable.
The petition said that two firms - Sahara India Real Estate Corporation and Sahara Housing Investment Corporation failed to refund its investors.
The DLF noted that in the realty business, it was a normal practice to give advances to land owners for buying land.
Just when many thought they would buy a home, property prices went north as the input cost went up.
Knight Frank's Pranay Vakil tells Forbes India why property prices continue to be so stubborn.
Virus Crisis: After WHO & US, India Urges Outdoor Use of Masks, Releases DIY Guide for 'Face Covers'
Anguish, Despair and Constant Yearning for Home: Kashmiri Student Recounts Time in Quarantine
Man Back from Dubai Ends Up Infecting 11 Family Members With Coronavirus in MP's Morena
India's Domestic Abuse Survivors are in Lockdown with their Monsters, But Helplines Are Not Ringing