The Real Estate
Regulation and Development Bill, 2012, has been sent to the Ministry of Law and
Justice for vetting, after which it will be moved to Cabinet.
In a written reply in
the Rajya Sabha, Minister for Housing and Urban Poverty Alleviation Mrs. Kumari
Selja said, ''The Bill does not make it compulsory for developers to provide
some portion of project townships for LIGs ( lower-income groups)."
The Ministry has
suggested amendments to the State Acts for earmarking atleast 20% of developed
land or 20% of FSI (Floor Space Index) in all land development or / housing
projects to be reserved for EWS (economically weaker sections) and LIGs.
Mrs. Kumari Selja said
that Bill mandated the developers to disclose the project details like approved
layout plan, timeline, cost of project, sale agreement to the regulator before
selling the property.
The Draft Bill has
been prepared in consultation with all stakeholders concerned like Central
Ministries, State Governments / Union Territory Administrations, Consumers’
Welfare Associations, Real Estate Developers’ Associations among others.
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