Bill proposed to protect consumer interest
The Real Estate (Development and Regulation) Bill will not seek to strangulate the sector, Minister of Housing & Urban Poverty Alleviation M. Venkaiah Naidu said on Friday. The proposed Bill, which aims to protect consumer interest and introduce standardisation in business practices and transactions in the sector, will be presented in the Winter Session of the Parliament.
Stating that the Government believes in public private partnership, Naidu said that it does not intend to add one more ‘table’ to the many that already exist in the trail of obtaining necessary approvals and on the contrary seeks to simplify the approval process by taking the States on board. He was speaking at the ‘Stakeholders Consultation on Real Estate (Development and Regulation) Bill and Single Window Approval System’ here.
The Bill will also enable domestic and foreign investment flow into the sector, Naidu added. It is applicable to residential real estate i.e. housing and any other independent use ancillary to housing, but the Standing Committee has suggested that it be extended to include commercial real estate as well said K B S Sidhu, Joint Secretary (Housing), Ministry of Housing and Urban Poverty Alleviation, said.
Source: The Hindu Business Line
inidan real estate bill, Joint Secretary (Housing), K B S Sidhu, M Venkaiah Naidu, minister of housing & urban poverty alleviation, Ministry of Housing & Urban Poverty Alleviation, Public private partnership (PPP)
