Real Estate Bill consumer friendly but not anti industry
The legislation aims to protect consumer interest but was not against the industry
Aug 05, 2013
Source : The Economic Times

 

DELHI: Expressing hope that Parliament will pass the Real Estate (Regulation and Development) Bill in its Monsoon Session, the Housing and Urban Poverty alleviation (HUPA) minister said that the legislation aims to protect consumer interest but was not against the industry.

“We have sent the bill for the Monsoon Session because it has been passed by the Cabinet. From the government’s point of view, regulation is very important. The bill is consumer friendly, but not against the interests of promoters,” the minister said.

“There will be a system of regulation, which is what we are trying to tell them. I have confidence that in this session of Parliament, the bill will be passed by both Houses,” she said.

Earlier, addressing members of the real estate industry at an event organised by CII, Vyas stressed that the government was not aiming to bring in a legislation which was against the interests of developers and promoters.

Responding to a question related to easing the flow of FDI into the real estate sector, she said that while foreign investment was needed, her ministry was in the process of consultations with stakeholders to assess its impact, especially to see that it didn’t hurt the consumers.

“When FDI is there in other sectors, it is important that it is allowed in this sector as well. But I want to speak to all stakeholders, people, consumers and we are in the process (of doing that),” she said.

She added that the government wanted not just the big houses for the rich but also a smaller, affordable housing segment to come up.

Secretary, HUPA, Anoop Kumar Misra said that the ministry was considering making recommendations like changing of norms related to minimum built up area for projects, capitalisation and lock-in period of investment vis-a-vis FDI in real estate.

Latest Realty News

Delhi leads world in real estate price rise
Aug 05, 2013
DELHI: India has witnessed the sharpest appreciation inreal estate prices in the last couple of years, according to data from the Global Property Guide, an organization which collates real estate data from across the world.
AUDA promises 5k houses in two years
Aug 05, 2013
AHMADABAD: In what is being seen as an adrenaline shot in affodabule houses sector, Ahmedabad Urban development Authority (Auda) has promised 5,000 houses in two years in the newly demarcated ‘affordable housing’ zone in the city.
Pune civic body collects Rs 500 crore as property tax
Aug 05, 2013
PUNE: The civic administration has collected Rs 500 crore from property tax since the start of new financial year. Total 5.58 lakh property owners have paid their tax since April 1.
State government all set to put housing scheme in order
Aug 05, 2013
BHUBANESWAR: As a large number of houses under the State-sponsored Mo Kudia Yojana has remained incomplete, the State Government has asked the district collectors to make a special drive to ensure completion of the houses sanctioned for the current financial year.
First sitting of the panel on chit fund scam on September 6th
Aug 05, 2013
BHUBANESWAR: The first sitting of Justice RK Patra Commission, which was set up to probe the multi-crore chit fund scam in State, will be held on September 6.
Pyari for CBI probe into chit fund scam
Aug 05, 2013
BHUBANESWAR: Rajya Sabha member and president of Odisha Jana Morcha Pyari Mohan Mohapatra on Saturday reiterated his demand for a CBI probe into the multi-crore chit fund scam.
Chennai realtor eyes Kerala cities
Aug 05, 2013
KOCHI: Chennai-based builders Southern Investments has announced plans to enter major cities in Kerala with modern residential complexes.
Devising ways to stay on firm ground
Aug 05, 2013
DELHI: A Delhi-based real estate developer’s son was to join his business this August. But owing to the sluggish demand and slowdown in the sector, the family patriarch decided to send him abroad for higher education.
Global PEs, sovereign, pension funds in race for Unitech SEZ
Aug 05, 2013
DELHI: Real estate investment company UnitechBSE -1.97 % Corporate Parks has shortlisted two global private equity funds, a sovereign wealth fund of Singapore and a Canadian pension fund to make second round of bids for its 3.6 million sq ft IT special economic zone in Gurgaon near Delhi.
Rented your property? Steps to take if a tenant refuses to vacate
Aug 05, 2013
MUMBAI: When it comes to the relationship between a property owner and a tenant, it's best to be safe than sorry. Yet, hasty decisions, cutting corners and blindly trusting brokers are the reasons for many a legal battle waged by landowners against rogue tenants. Take the case of Mumbai-based Merlyn D'Souza.

Latest Realty News Of State

Realty Talk's