Govt to revise real estate Bill: Naidu
The draft Bill has been revised various times since 2009, when it was first formulated
Sep 20, 2014
Source : Business Standard
M Venkaiah Naidu, Union Urban Development Minister


New Delhi: Housing and Minister said on Friday the revised Real Estate (and Development) Bill, due soon, was not aimed at over-regulation of the sector.

“Regulation in real estate is the need of the hour as certain incidents have impacted the image of the sector negatively but the Bill will not create any over-regulation,” the minister said. It will provide a necessary transparency and fair play in real estate transactions.

The has been away from any sort of regulation till now. The United Progressive Alliance government had tabled the in the Rajya Sabha, which was later referred to a Standing Committee. In its original form, the Bill was strongly opposed by industry. The draft Bill has been revised various times since 2009, when it was first formulated. On Friday, the current government held consultations with stake holders for formulating revisions in the Bill.

"The price escalation of land and building materials has made houses increasingly unaffordable for the urban poor. Over and above, failure on the part of some unprofessional and unorganised developers in fulfilling commitments of delivery to the buyers in terms of time and quality has created mistrust among the developers and buyers," he said.

The rapid urbanisation has created huge gaps in urban housing and there is a shortage of 18 million housing units in urban areas out of which 95% pertains to economic weaker section and low income groups.

The industry has been opposing the introduction of the Bill. They have raised concerns over strict penalties/punishment to be imposed on developer if they fail to comply with certain provisions. It also makes it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities.

It has also proposed stricter penalties and even jail term for a maximum of three years for developers. It provides for a clear definition of the 'carpet area' and would prohibit private developers from selling houses or flats on the basis of ambiguous 'super area'.


Latest Realty News

Taxation, regulatory issues may trip REITs success: KPMG-IVCA
Sep 20, 2014
Real Estate Investment Trusts (REITs) could be a game changer for the realty sector, but lack of clarity on taxation and regulatory aspects might act as roadblocks for attracting foreign investments in the commercial space
Indians among top property buyers in Dubai
Sep 20, 2014
Indians constitute a dominating group while buying real estate in Dubai, having invested nearly AED 10.5 billion during the first half of this year
Housing prices drop as investors prefer equity over realty
Sep 20, 2014
The rapid rise in the stock market since the new government was formed has taken the sheen off real estate, where investments have not only dropped but investors are trying to monetise their existing assets, creating a scare of price correction
MCG chief in panel to approve building plans
Sep 19, 2014
Building plans for plots will now be sanctioned by a new committee formed by the Urban Local Bodies department. The committee includes the chief town planner, senior town planner and MCG chief engineer among others
DDA relaxes conversion norms
Sep 19, 2014
In a major relief to property owners in the city, DDA has further liberalized the conversion norms. As per the new rules, even properties without a sanctioned building plan can be converted from leasehold to freehold
HC: Tenancy row cannot halt razing of shaky buildings
Sep 19, 2014
A tenancy dispute cannot be a reason to halt the demolition of a dangerously dilapidated building, the Bombay high court has ruled
Legal hurdle to recover government land
Sep 19, 2014
It may become a longdrawn legal process before the state government could retrieve land grabbed by influential persons at Ghangapatna, on the outskirts of the city
Artha Tatwa Group scam: CBI on lookout for land sharks
Sep 19, 2014
CBI is hot on the trail of some land sharks, owing allegiance to influential politicians in Khurda and Ganjam districts, for facilitating Artha Tatwa (AT) Group chief Pradeep Sethy to buy land at inflated prices
ED attaches Saradha properties in Malda
Sep 19, 2014
The Enforcement Directorate today attached 11 plots across Englishbazar that were acquired by the Saradha Group and put up notices saying the properties could not be claimed or dealt with without permission from the department
Funds boost to build BPL scheme houses
Sep 19, 2014
Union minister of state for rural development Upendra Kushwaha today announced the hike of at least Rs 45,000 as financial assistance to the beneficiaries for constructing houses under Indira Awas Yojana (IAY)

Latest Realty News Of State

Realty Talk's