Real Estate Bill passed in Rajya Sabha

Allays industry fears, says regulation not strangulation

GN Bureau | March 10, 2016


#NCR home buyers   #Rajya Sabha   #Real Estate Bill  


The Rajya Sabha has passed the Real Estate Bill (2016) which seeks to protect buyers from builders who fail to deliver projects on time.
According to union urban development minister M Venkaiah Naidu, the bill will promote timely execution of projects thereby achieving the objective of ‘housing for all’. In his twitter account, the minister listed the benefits of the bill which includes speedy resolution of disputes and orderly execution of real estate projects. The bill majorly plans to address consumer fears and tackle illegal development. The draft bill is applicable to all residential and commercial projects above 500 square meters and more than eight apartments.

The minister also allayed industry fears.


He said that the bill seeks to weed out fly-by-night operators, channelise funds into the sector and build credibility for the Indian real estate sector.


Earlier, amendments to the Real Estate Regulation Bill (2013) were approved by the union cabinet. The amendments can be seen here


 

 

 

Comments

 

Other News

Five ways to realise the potential of India’s handicraft and handloom sector

India`s economic ambitions are increasingly defined by the industries of the future. Semiconductors, electronics, artificial intelligence and advanced manufacturing dominate policy conversations. Yet one of India`s largest employment-intensive sectors continues to occupy a surprisingly marginal place in ec

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc

V. M. Tarkunde: A legal luminary par excellence

14 Lawyers: Portraits from The Bar By Raju Ramachandran  Juggernaut, 248 pages, Rs. 799  

The Cost of Obesity

The latest episode of Checks and Balances focuses on the ticking time bomb of obesity in India, and Geetanjali Minhas of Governance Now spoke with a panel of experts. You can watch the episode here: https://youtu.be/mH





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter