Real estate regulation bill to be included in budget session
The government is coming up with new Bill with the forthcoming budget session in the parliament so that the real estate sector can be regulated with proper rules and regulations as commented by the Housing minister Ajay Maken.
The Bill is introduced so that the real estate developers and investors can carry out a fair practice and it will be an accountability of norms and fast track dispute resolution mechanism in real estate problems.
The discussion is still in the cabinet and the bill is yet to get approval by Inter-ministerial department. The draft which was prepared since 2009 is still pending and it aims to establish regulatory authority for the realty sector to ensure the sale of immovable properties in an efficient and transparent manner and protect consumer interest. The most important thing mentioned in the draft is to set up a regulatory authority in every state.
Ajay Maken said that they are in talks with the Finance Ministry regarding raising external commercial borrowing (ECB) limit for affordable housing. Right now RBI is able to raise USD one billion under the ECB route for affordable housing. He also said that fiscal incentive should be there for affordable housing for the poor and LIG (low income group).
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