Bill to regulate the real estate sector to be introduced in the winter session of the parliament
The Union Government will introduce Real Estate Development Regulatory Bill in the winter session of the Parliament. This is aimed to reign-in the unscrupulous builders who escape the responsibility of providing promised facilities to the property buyers.
The Union Minister for Urban Development and Parliamentary Affairs M. Venkaiah Naidu stated that a proper law was needed to control such builders. From their side, the builders were complaining about the delay in getting permissions. These permissions go up to as many as 41 from different government departments which are needed to develop the housing projects.
The Union Minister also mentioned that the Centre is thinking about simplifying the procedures including giving some clearance online and speeding up the entire process.
A single window clearance system will ease out the problems of the builders to quite an extent. However most of the developers in order to make more profits start multiple projects with less manpower and funds and get stuck midway. Many a times in order to hand over the flats, they end up doing a below standard job too.
Naidu also mentioned that the local officers of Urban Local Bodies should keep a tab on illegal constructions in their purview with regular field visits. If all these measures are taken, then only we can streamline the real estate sector to an extent and bring some relief to the home buyers.
Source- The Hindu
Illegal constructions, M Venkaiah Naidu, Real Estate Development Regulatory Bill, Single window clearance system, Union minister, Urban Development and Parliamentary Affairs
