Real Estate Bill to be reality in Budget session itself: Naidu

Urban Development Minister Venkiah Naidu stressed that the law would be a 'regulation and not strangulation'

Urban Development Minister Venkiah Naidu today expressed confidence that the Real Estate Bill will become a "reality" during the ongoing Budget session of Parliament.

"Real Estate Bill is going to be a reality in this Budget session itself. I am holding discussion with all stakeholders," he informed domestic and global investors at the 'Happening Haryana' conclave here.

Stressing that the law would be a "regulation and not strangulation", he said, "nobody should worry except 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.

The Real Estate Bill is pending in Parliament.

Last week, the Congress wrote to Prime Minister Narendra Modi and Naidu, asking them to pursue the Bill passed in the first leg of Budget session of Parliament.

Real Estate (Regulation and Development) Bill was introduced in Rajya Sabha in 2013. It was referred to the Standing Committee which submitted its report in February, 2014. After the NDA government was formed, the Bill was again referred to a Select Committee of Rajya Sabha, which submitted its report on July 30 last year.

The proposed real estate law is aimed at protecting the interest of the buyers and sellers.

The Cabinet had in December 2015 cleared 20 amendments to the Bill which seek to regulate transaction between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.

Naidu also assured all help to Haryana for infrastructure development in the state.