Realty reg­u­la­tion bill in fi­nal stages of con­sul­ta­tion: Naidu

The real es­tate (reg­u­la­tion and de­vel­op­ment) bill 2013 will not ‘stran­gu­late’ but reg­u­late the sec­tor, says hous­ing min­is­ter Venka­iah Naidu

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The real es­tate reg­u­la­tion bill, ex­pected to bring or­der in In­dia’s chaotic realty mar­ket, is in the fi­nal stages of con­sul­ta­tion.

Speak­ing at the re­cent­ly­held Credai con­clave in the Cap­i­tal, Venka­iah Naidu, min­is­ter, ur­ban de­vel­op­ment, hous­ing and ur­ban poverty al­le­vi­a­tion ,said he had gone through the con­tents of the bill per­son­ally. “We have taken the views of var­i­ous stake­hold­ers, in­clud­ing the real es­tate sec­tor. Then we will go to the Cab­i­net shortly. Once the Cab­i­net ap­proves (it), I am hop­ing we will get early clearance. Then we will go to the Par­lia­ment. If not in this ses­sion, at least by the bud­get ses­sion the bill will be a re­al­ity,” Naidu said.

The min­is­ter added that the state gov­ern­ments would get the free­dom to frame rules under the Act, when it is passed by Par­lia­ment. The bill, which was in­tro­duced in the Ra­jya Sabha in Au­gust last year, seeks to pro­tect home buy­ers from un­scrupu­lous de­vel­op­ers.

In Fe­bru­ary this year, the stand­ing com­mit­tee sub­mit­ted its re­port on the bill, which pro­vides for manda­tory reg­is­tra­tion of all real es­tate projects. It also makes manda­tory dis­clo­sure of in­for­ma­tion like de­tails of pro­mot­ers, lay­out plan, land sta­tus, sched­ule of ex­e­cu­tion, sta­tus of var­i­ous ap­provals and car­pet area. The bill seeks to en­force the con­tract be­tween the developer and buyer and pro­vides for quick re­me­dial mea­sures in case of dis­putes.

The gov­ern­ment also plans to of­fer in­ter­est sub­sidy on hous­ing loans to help poor section buy homes and boost real es­tate de­mand.”We are com­ing out with an in­ter­est sub­ven­tion scheme for the hous­ing sec­tor for the eco­nom­i­cally weaker section (EWS) and l ower i ncome g roup (LIG) peo­ple and also partly to lower mid­dle class peo­ple,” Naidu said on the side­lines of the Credai event. He said the gov­ern­ment was mov­ing to­wards re­duc­tion in in­ter­est rates, which were dif­fi­cult to man­age cur­rently.

The theme of the Credai con­clave was Clean In­di­aSkilled In­dia- Strong In­dia. Over 1000 de­vel­op­ers who at­tended the event from across the coun­try took the pledge for a Swachh Bharat and to work to­wards garbage re­duc­tion and waste man­age­ment.

Naidu also launched the Credai-JLL re­port on ‘Hous­ing for All: Re­forms can make it hap­pen sooner’ at the event.

Prakash Javadekar, min­is­ter for en­vi­ron­ment and forests, on the oc­ca­sion, said, “The gov­ern­ment has made the pro­vi­sion of e-clearance to bring in trans­parency and speed up the projects. While the gov­ern­ment is work­ing to­wards stan­dar­d­is­ing rules for en­vi­ron­ment waste and clear­ances, “how­ever we need af­ford­able science and tech­nol­ogy to im­pro­vise the cur­rent sce­nario of the realty sec­tor in In­dia.”

“We need to take pol­icy-led de­ci­sions and take re­al­ity to the new heights by re­duc­ing the time span for clearance and red tapism. I also con­grat­u­late Credai for sign­ing the MOU with IFC which will em­pha­sise on fol­low­ing the stan­dards of main­tain­ing green build­ings,” Javadekar. added

Ashok Ga­jap­athi Raju , min­is­ter of civil avi­a­tion, said, “The hous­ing and con­struc­tion sec­tor is a cru­cial sec­tor which con­trib­utes a ma­jor share to the GDP. There is an ur­gent need to strive and cre­ate a level- play­ing field for the gov­ern­ment and private play­ers in this sec­tor.

Venka­iah Naidu, hous­ing min­is­ter, hopes the reg­u­la­tory bill will get cleared by Par­lia­ment at the ear­li­est

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