Real estate bill stealing middle class dream: Congress

The Congress on Wednesday attacked the government for diluting the Real Estate Regulatory Authority Bill 2013, saying the decision "stole" the middle class' dream of owning a house.

The union cabinet on Tuesday approved amendments to the real estate bill, providing for setting up a Real Estate Regulatory Authority and fast-tracking resolution of disputes through adjudication along with changes that replace certain existing clauses.

The Congress, however, called it the last straw that would break the back of the middle class by "diluting the bill that aimed at providing a fair deal to a common buyer".

"After having hit the poor, landless labourers, marginal farmers and adivasis (tribals) by forcing down draconian ordinances and reports, the Narendra Modi government has now drawn its dagger to hit the unsuspecting middle class by stealing its dream of a house- a roof over their heads", the party said in a statement.

The amendment hits at the soul of the bill proposed by the UPA government by "diluting the clause that ensured 70 percent of the amount realised by a builder as advances are kept in a separate account to meet the cost of construction, thereby ensuring that delays don't take place", the statement said.

However, this clause has been replaced with a requirement of 50 percent.

The Congress further claimed that the amendments approved by the cabinet removed the provision of holding directors and company secretaries of the real estate firms accountable as well as the provision that could blacklist a realtor after defaulting twice.

"The home buyer who puts his life savings into buying a roof over his head has been left in the lurch in favour of the builder mafia and real estate sharks," it said.

The party's statement also said that the government seems to following the policy of "Abki Baar Builder Sarkaar, Madhyam Varg Dar-kinaar (Government for builders, middle class sidelined)?".