Real Estate Bill likely to come up in Winter Session

Gearing up to move the Real Estate (Regulation and Development) Bill, 2013 for consideration in Rajya Sabha in the forthcoming Winter Session, the Housing and Urban Poverty Alleviation Ministry has called a meeting of all concerned on September 19 to discuss the issue here.

"We have convened a meeting of all stakeholders to seek their views and suggestions on the Real Estate (Regulation and Development) Bill, 2013," said a senior ministry official.

The bill is crucial for paving way for construction of a large number of affordable houses and is slated to come up in the Rajya Sabha during the Winter Session of Parliament.

Housing and Urban Poverty Alleviation Minister Venkaiah Naidu today discussed various aspects of the bill with the officials of the ministry. The NDA government has promised houses for all by 2022.

Naidu emphasised that the bill, while seeking to promote housing activity, should aim at harmonising the concerns of consumers and real estate developers, rather than introducing strangulation in the name of regulation.

The minister said the bill should promote transparency in disclosures by the developers with regard to all relevant information about real estate projects, through registration of projects with the proposed regulator.

Besides Naidu and ministry officials, representatives of the Ministries of Environment and Forests and Climate Change, Consumer Affairs, Civil Aviation and Culture would also attend the consultations on various related issues like protection of consumers' interests, single window system for approval of real estate projects, perspectives of developers on delays in approvals and corrective measures required.

Officials of Consumer Welfare Association, Federation of Apartment Owners Associations, Professional Associations like legal firms and management consultants, National Real Estate Development Council, and Council of Real Estate Developers Associations of India will also attend the meet.

After this stakeholder consultations, Naidu would have a round-table of concerned ministers before firming up the official amendments to be moved, if required. There is a suggestion from real estate sector to rename the Bill as Real Estate (Regulation and Promotion) Bill.