The Indian Real
Estate Regulation Bill, which aims to establish a regulatory authority for the
real estate sector, is likely to be tabled in the upcoming Winter session of
Parliament, Union Housing & Urban Poverty Alleviation Minister Mr. Ajay
Maken said recently.
Minister Mr. Ajay
Maken said, "The draft Real Estate Regulation Bill is currently circulated
at the inter-ministerial level. We propose to table it during the ensuing
Winter session. I cannot divulge further details now, as the Bill will be taken
to the Cabinet for its approval"
Protect Consumer
Interest..!
The draft
legislation, pending since 2009, aims to establish a regulatory authority for
the real estate sector, ensure sale of immovable properties in an efficient and
transparent manner and protect consumer interest. The most important proposal
in the draft Bill include setting up a regulatory authority in every state.
Minister Mr. Ajay
Maken also said, The Private builders / promoters will have to reserve 35% of
houses or / 15% FAR (floor area ratio),
whichever is higher for the EWS (Economically weaker sections), under the RAY
(Rajiv Awas Yojana).The private sector to pass on the benefits to the EWS
instead of only "maximising" their profit".
Under the ambitious
RAY, the central government has proposed an expenditure of Rs. 40,000 crore,
Minister Mr. Ajay Maken said, adding that bank home loans will be available for
EWS without any collateral.
Minister Mr. Ajay
Maken further said, ''A credit risk
guarantee fund has been created for low income housing & all states would
have to implement these norms in all cities. The need for housing is growing
rapidly as there has been a rapid urbanisation".
The Indian urban
population has risen to 31% from 27% in the past 6 to 7 years while the total number of towns
also surged to 7,800 from 5,100 during the same period..
The central
government was giving priority to the development of green houses.
Tax Incentives
for Green homes..!
"We will move
the Finance Ministry seeking tax incentives for green homes, transfer of
development rights (TDR) & FSI (floor space index) to encourage more green
buildings. The green homes will also address the issue of climate change"
Minister Mr. Ajay Maken said.
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