The Bill gives homeowners in Northern Ireland the same protections as those in England and Wales. It establishes a retrospective period of up to 30 years and a prospective period of up to 15 years in which a party can take action on defective premises.
After passing its final stage in the Assembly, the Bill will become law once it receives Royal Assent.
Minister Lyons said: "In March, I outlined my intention to bring forward legislation at the earliest opportunity to address the disparity which existed in relation to defective buildings. I am pleased to welcome the Assembly voting this Bill through its final stage, less than four months later.
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"I commend the collective effort which has carried this Bill through. This includes input from my Executive colleagues, the Committee for Communities and all those who made contributions from across the Assembly chamber as the Bill progressed through the various stages.
"This is an example of the Executive and the Assembly delivering for the people of Northern Ireland. The ultimate driver for this Bill is my firm belief in the principle that our citizens should have the same legal protections in respect of defective premises as their counterparts elsewhere in the United Kingdom."
The Minister also addressed the ongoing efforts of his Department concerning residential building safety.
He stated: "This Bill is an important first stage of a substantive piece of work to create a new residential building safety environment in Northern Ireland. It is important to note that this legislation is only a small part of a much wider suite of legislation that my officials are currently working on that will further strengthen and support the important protections provided by this Bill. My officials will continue to engage with all relevant stakeholders on the much larger body of work associated with residential building safety."
