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Govt plans legislation to regulate realty biz
In a move to give industry status to the real estate sector, the union government is all set to bring the regulatory legislation soon.
Hyderabad: In a move to give industry status to the real estate sector, the union government is all set to bring the regulatory legislation soon.
Re-christened as “The Real Estate Development and Regulatory Act”, the proposed draft bill is expected to be presented to the union cabinet and tabled in the subsequent parliament session, according to M Venkaiah Naidu, Union Minister for Urban Development.
The Parliamentary Standing Committee has already submitted its recommendations, Naidu said added that he also completed discussion with all the stakeholders including builders and developers and the draft will be placed before Cabinet soon. “The government is committed to bring the act in order to protect the home buyer and also ease out troubles being faced by the real estate companies,” Naidu said while addressing the realtors at TREDA organised conference with a theme “Resurgent Hyderabad-Tomorrow Beckons” at Hyderabad on Friday. However, he assured the builders that the proposed legislation will not put them in trouble but insisted that they should keep their promise while deliver the home. “If you (builder) promised a children park, you should provide the facility, failing which the legislation will come handy to the buyers,” he pointed out.
Naidu also said that the government is contemplating to allow Foreign Direction Investment (FDI) into the housing sector to achieve the target of “home for all” by 2022.
He further said that the government is moving towards launching ‘Integrated Housing Programme’, under which the government will develop 500 towns, 100 smart cities and upgrade all the historic places and monuments. “The draft programme will be placed before Union Cabinet by January 2015 to give a final shape to the scheme of integrated housing,” he revealed and added that the government will also bring in regulatory set up including a legislation to organise and protect the rights of the street-vendors.
This housing programme is envisaged to achieve the target of building three crore houses in urban habitations and six crore houses in rural habitations.
Earlier Naidu inaugurated the three-day Property Show, 2014, where over 180 stalls have displayed latest properties and services being offered by the builders and property developers.
Welcoming the gathering, TREDA President P Dasharath Reddy said: “The property show is receiving overwhelming response from builders. It is the right place for the new home buyers to get right guidance and take informed decision.”
