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Real Estate Bill Likely in Winter Session

The Bill will smoothen way for affordable housing, and would also aim to harmonise concerns of consumers and real estate developers

Published: 18th September 2014 06:00 AM  |   Last Updated: 17th September 2014 11:02 PM   |  A+A-

NEW DELHI: The Ministry of Housing and Urban Poverty Alleviation has sought opinions and suggestions from all stake holders for the Real Estate (Regulation and Development) Bill, 2013 which will be taken up for consideration in Rajya Sabha in the forthcoming Winter Session.

The Ministry has called a meeting of all concerned on September 19 to discuss the issue.

Officials of Consumer Welfare Association, Federation of Apartment Owners Associations, Professional Associations like legal firms and management consultants, National Real Estate Development Council, and Council of Real Estate Developers Associations of India will also attend the meeting.

“We have convened a meeting of all stakeholders to seek their views and suggestions on the Real Estate (Regulation and Development) Bill, 2013,” a official in the ministry said here on Wednesday.

The Bill will be crucial to pave way for construction of a large number of affordable houses and is slated to come up in the Rajya Sabha during the Winter Session of Parliament.  The NDA government has promised houses for all by 2022.

Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu on Wednesday discussed different aspects of the Bill with the officials of the ministry.

Besides Naidu and ministry officials, representatives of the Ministries of Environment and Forests and Climate Change, Consumer Affairs, Civil Aviation and Culture would also attend the consultations on various related issues like protection of consumers’ interests, single window system for approval of real estate projects, perspectives of developers on delays in approvals and corrective measures required.

Naidu emphasised that the Bill, would seek to promote housing activity, and would also aim to harmonise concerns of consumers and real estate developers, rather than introducing strangulation in the name of regulation.

The minister said the Bill should promote transparency in disclosures by the developers with regard to all relevant information about real estate projects, through registration of projects with the proposed regulator.

After this stakeholder consultations, the Housing Minister would have a round-table of concerned ministers before firming up the official amendments to be moved, if required. There is a suggestion from real estate sector to rename the Bill as Real Estate (Regulation and Promotion) Bill.



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