Allays industry fears, says regulation not strangulation
GN Bureau | March 10, 2016
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.
Historic day for housing sector.PM’s guidance & support of Parliamentarians today fulfilled long pending dream of home buyers #RERABillToday— M Venkaiah Naidu (@MVenkaiahNaidu) March 10, 2016
Earlier, amendments to the Real Estate Regulation Bill (2013) were approved by the union cabinet. The amendments can be seen here
More than three percent of medicines in India are ‘Not of Standard Quality’ (NSQ) and 0.0245 percent spurious, reveals a survey report on drugs quality by the ministry of health. The survey carried out by National Institute of Biologicals (NIB), Noida found that out of the
Bharat electronics limited (BEL) has launched a new weapon control system — Remote Controlled Weapon Station (RCWS) / Air Defence Weapon Station (ADWS) for 12.7 mm gun of MBT Arjun Mk II battle tank during recently concluded Aero India 2017 in Bengaluru. The new weapon control system
The Sasikala camp is in talks with the O Panneerselvam (OPS) faction and they are trying to win them over, says an AIADMK insider. Negotiation have started between the main AIADMK, which is with Sasikala, and the splinter group that is supporting former chief minister OPS. The party insider
On October 1 last year, Mehtab Alam Ansari, 30, who worked as a tailor in Delhi, had arrived in his village, Chepa Khurd in Barkagaon tehsil of Harazibagh district, to celebrate Eid with his family. That morning, he was nearing Dadi Kalan, a neighbouring village, to meet an acquaintance when he hea
State run enterprise oil and natural gas corporation limited (ONGC) has decided to invest Rs 7,327 crore to develop five projects to produce oil and gas. The decision was taken in its 290th board meeting held on February 23. The projects include development of R-Series fields, incl
The civic election results could well have long term implications in Maharashtra’s politics, with the Bharatiya Janata Party (BJP) doing dramatically well and the Shiv Sena failing to get a simple majority. The Shiv Sena won 84 seats, while the BJP bagged 82 seats. Th