Real Estate Bill won't 'strangulate pvt investment': Naidu

Union Minister Venkaiah Naidu today assured that the proposed Real Estate Bill will not "strangulate private investment" and would instead help it by serving to "enhance the credibility" of the sector.

The Real Estate (Regulation and Development) Bill, 2013, is expected to come up for consideration in Rajya Sabha during the Winter session of Parliament, which commenced today.

The Bill is crucial for paving the way for construction of a large number of affordable houses. The BJP-led NDA government has promised houses for all by 2022.

"The housing sector could pick up momentum with increased availability of finances," Naidu, the Housing and Urban Poverty Alleviation Minister, said at the inaugural session of the 'CREDAI Conclave-2014' here on the theme, 'Clean India, Skilled India and Strong India'.

Talking about the 'Housing for All by 2020' initiative, Naidu said, "This humongous challenge can be met only if the private sector becomes a proactive partner. To enable this, the government has taken some initiatives to encourage private and foreign investment."

Naidu said that his ministry was in touch with the other ministries concerned to simplify the approval processes in this regard.

Highlighting the importance of construction and of the housing sector for employment generation and economic growth, Naidu said, "There are clear signals of economic recovery which should enable interest rates to be brought down."

Meanwhile, stressing on the need for pushing economic growth, Naidu said, "3D Modi is the remedy for economic recovery and rapid growth that will in turn help the people of the country to fulfil their aspirations."

Elaborating on this, he said, "Modi is 'dynamic, decisive and dares' to think big and these three dimensions of the Prime Minister are making him hugely popular both within and outside the country."

Naidu also spoke of a need for a change in the mindset of all the governments, both at the Centre and in the states, to unleash the "economic forces" inherent in individuals, businessmen and investors.

He rued that over the years, walls of suspicion have been built between governmental institutions and entrepreneurs, resulting in myriad restrictions and negative regulations that stifle economic activity. He asserted that the NDA government was keen to bring down these barriers to push growth.