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
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