Real Estate Bills won’t have over-regulatory provisions
In what could come as a relief to real estate players, the government committed to ensure the Real Estate Bill won’t have over-regulatory provisions but would remove “mistrust” between developers and buyers. Housing minister Venkaiah Naidu said this move would enable the growth of real estate sector that has huge employment potential.
He added that the government does not intend to add one more “table” to the many that already exist in the trail of obtaining necessary approval and on the contrary seeks to simplify the approval process by taking the states on board. Naidu said the Bill will bring more credibility to the sector like in insurance and electricity and it will ensure transparency and accountability that will benefit both developers and consumers. The Bill also enables speedy adjudication of disputes between the buyers, agents and developers.
Outlining the scope of the Bill, K B S Siddhu, joint secretary (housing) said it provides for mandatory registration of all projects beyond a specified threshold level besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.
Source: The Times of India
Housing Minister Venkaiah Naidu, land status, Layout plan, Naidu, over-regulatory provisions, Real estate bill, schedule of execution, status of various approvals
