– Minister Venkaiah Naidu says..!
The Real Estate
(Development and Regulation) Bill will not seek to strangulate the sector,
Minister of Housing & Urban Poverty Alleviation M. Venkaiah Naidu said on
recently.
The proposed Real
Estate Bill, which aims to protect consumer (Property buyer) interest &
introduce standardisation in business practices and transactions in the sector,
will be presented in the Winter Session of the Parliament.
Stating that the
Government believes in public private partnership (PPP), Mr. Venkaiah Naidu
said that it does not intend to add one more ‘table’ to the many that already
exist in the trail of obtaining necessary approvals and on the contrary seeks
to simplify the approval process by taking the States on board.
He was speaking at
the ‘Stakeholders Consultation on Real Estate (Development and Regulation)
Bill and Single Window Approval System’ at Newdelhi.
“The Bill will also
enable domestic & foreign investment flow into the sector,” Mr. Venkaiah
Naidu added.
The Narendra Modi
(BJP) Government is set to bring out a revised Real Estate Bill, after talks
with all stakeholders. The Bill was earlier introduced in the Rajya Sabha in
August 2013. Post that, a report was tabled by Standing Committee on Urban
Development in the Rajya Sabha and Lok Sabha in February 2014.
“It is applicable to
residential real estate that is housing and any other independent use ancillary
to housing, but the Standing Committee has suggested that it be extended to
include commercial real estate as well,” Mr. K. B. S. Sidhu, Joint Secretary
(Housing), Ministry of Housing and Urban Poverty Alleviation, said.
The Committee also
suggests inclusion of all real estate agents (including secondary sale) within
the ambit of the Real Estate Bill, apart from increasing responsibility of
promoters towards structural defects from 2 years to 5 years, among others.
State regulatory
bodies will not be outside the ambit of the Bill, Sidhu added.
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