NEW DELHI: With lakhs of home buyers being exploited by private builders and developers, the government plans to bring the real estate bill to Parliament in the first half of the budget session and is confident of its passage.
"This is one of the priorities of the government and no party has any objection since we have incorporated all their recommendations. I raised the issue with Congress president Sonia Gandhi and I am confident her party will help pass the bill. We have increased the share of payments made by home buyers that has to be kept exclusively for individual projects. This was one of the major demands of the Congress party," parliamentary affairs and housing minister M Venkaiah Naidu told TOI on Sunday.
He added that setting up a regulator and the mechanism to deal with the sector will protect home buyers from fly-by-night players. "It will also protect consumers against reputed builders, who follow bad business practices," Naidu said. The proposed law will cover all existing projects wherein sales are still in progress.
According to industry estimates, about 10 lakh consumers buy houses every year with an investment of about Rs 3.50 lakh crore. About 3,200 to 4,000 new projects are launched every year and about 17,000 real estate projects are in progress in 26 major urban agglomerations in the country which will come under the ambit of the proposed bill.