Real Estate Bill to passed during the current budget session

At the recent Happening Haryana conclave, Union Minister for Urban Development Venkiah Naidu has expressed confidence on the passing of the Real Estate Bill during the ongoing budget session. Talking to domestic and global investors, Naidu said, “Real Estate Bill is going to be a reality in this Budget session itself. I am holding discussion with all stakeholders.”

Emphasising the pros of the bill, the minister added that the law will be a regulation rather than strangulation except for the fly-by-night operators.

“We are also working on ease of doing business and ease of approval and permission. We have got positive signals from all parties,” the Minister said.

Real Estate (Regulation and Development) Bill, still pending in Parliament, was introduced in Rajya Sabha in 2013. Subsequently, the Upper House referred the Bill for the perusal of the Standing Committee report in February, 2014. Post formation of the NDA government, the Bill was also put forward to  a Select Committee of Rajya Sabha, which submitted its report on July, 2015.

The previous week, opposition party Congress persuaded the Prime Minister and Naidu to pass the said bill during the current budget session of Parliament. The Real Estate Bill is pending in Parliament.

The proposed bill upon its enactment will facilitate the buyers and sellers to protect their interests. During the winter session of Parliament previous year, the cabinet passed twenty amendments to the bill helping regulate transaction between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.