Much has been said but lit­tle de­liv­ered REAL ES­TATE RE­PORT CARD

The re­alty bill is pending and more clar­ity is re­quired on the smart cities mission and af­ford­able hous­ing scheme

HT Estates - - HTESTATES - Anuj Puri

It’s been a year since the Modi gov­ern­ment came to power. While the gov­ern­ment has taken sev­eral ini­tia­tives in the real es­tate space, the out­comes of which will be seen only in the medium- to- long term ( ie two to three years), there is a lot more to be done. There is need for more clar­ity on the Hous­ing For All by 2022 scheme, the Smart Cities Mission and the Real Es­tate (Reg­u­la­tion and Devel­op­ment) Bill still re­mains to be cleared, says a white pa­per brought out by in­ter­na­tional con­sul­tants JLL.

Power too con­cen­trated Clar­ity needed on Hous­ing For All by 2022 scheme

Af­ter hav­ing an­nounced the scheme dur­ing the first Bud­get in June 2014, the gov­ern­ment has re­mained si­lent on de­tails. The mar­ket ex­pected fine prints t o come by i n sub­se­quent com­mu­ni­ca­tions.

Clar­ity needed on the Smart Cities Mission No progress yet on the land ac­qui­si­tion bill

There has not been much progress on the bill since the time it was first ap­proved by the pre­vi­ous Congress gov­ern­ment, and even af­ter the re­cent amend­ments made in the Bill by the Modi gov­ern­ment.

The gov­ern­ment’s grand vi­sion to build su­pe­rior in­fra­struc­ture, af­ford­able hous­ing projects and smart cities is re­lated to the suc­cess of this Bill, which could be cleared by the Par­lia­ment af­ter rec­om­men­da­tions by the joint com­mit­tee of Par­lia­ment come through in the mon­soon ses­sion.

Re­alty Bill still pending

Con­struc­tion de­lays in many real es­tate projects are the re­sult of de­lay in grant­ing statu­tory ap­provals. Cost of fi­nanc­ing ma­te­rial costs rise ex­po­nen­tially as a re­sult of such de­lays, and this has an ad­verse im­pact on hous­ing prices. The Bill – that the gov­ern­ment is cur­rently con­sid­er­ing send­ing to a se­lect com­mit­tee for re­view – does not cover the ac­tions of ap­proval au­thor­i­ties and largely at­tempts to curb mal­prac­tices at the de­vel­op­ers’ end. As per the JLL white pa­per, the Modi gov­ern­ment could have done more on this front.

Struc­tural safety en­gi­neers check dam­aged build­ings in Nepal

THINKSTOCK

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