Real es­tate bill passed, govern­ment says will bring prop­erty prices down

Asian Journal - - India -

New Delhi: The real es­tate bill pend­ing be­fore par­lia­ment since 2013 was fi­nally passed on Tues­day with the Lok Sabha giv­ing its nod as mem­bers cut­ting across party lines backed it. Terming the de­vel­op­ment “his­toric”, Ur­ban De­vel­op­ment Min­is­ter M. Venka­iah Naidu as­serted the new law will help bring down prop­erty prices. Mem­bers ris­ing above party lines in­clud­ing from the Congress, the Biju Janata Dal (BJD), the Revo­lu­tion­ary So­cial­ist Party (RSP), the Rashtriya Janata Dal and the In­dian Union Mus­lim League sup­ported the Real Es­tate (Regulation & De­vel­op­ment) Bill, which had been passed by the Ra­jya Sabha on March 10. Re­ply­ing to the de­bate on the bill in the lower house, Naidu as­sured that the govern­ment is also open to dis­cuss with the builders if they have any is­sue with the bill. “We are not against builders. If there are prob­lem with the builders, I am ready to dis­cuss it with them any­time,” he said, adding the speedy land clear­ances for the real es­tate projects will help in bring­ing down prices of the houses. “I say you will get more in­vest­ment, you will get early clear­ances and the prop­erty prices will come down.”

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