Real Estate Bill consumer friendly but not anti industry: Girija Vyas
The legislation aims to protect consumer interest but was not against the industry
Aug 03, 2013
Source : The Economic Times


DELHI: Expressing hope that Parliament will pass the Real Estate (Regulation and Development) Bill in its Monsoon Session, Housing and Urban Poverty alleviation (HUPA) minister Girija Vyas 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," Vyas 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, Vyas 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)," Vyas 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

Demand for office space up around Whitefield in Bangalore
Aug 03, 2013
BANGALORE: The landscape of Bangalore east has been transformed from housing quiet, suburban neighbourhoods with more trees than people to a commercial belt along with hectic residential development. Commercial development in Bangalore east is attributed to the establishment of Electronics City and the Whitefield EPIP zone. This belt, running from the south to east, promoted the emergence of Bangalore east as a commercial hotbed.
Orissa real estate market: A `reality' Check
Aug 03, 2013
BHUBANESWAR: Real estate and mining have been the sunrise sectors for the state -over the past half-a-decade. But the 'mining is in shambles now for rea­sons known to all. Quite dependent on the mining sector, the real sector has definitely faced issues due to mining slowdown. Nevertheless, the performance was still going good till a few months ago. But owing to some supply-demand mismatch the sector is going through a rough phase, if not turbulent times. Orissa Post does a reality check by talk
BDA grievance cell turns a flop show
Aug 03, 2013
BHUBANESWAR: Bhubaneswar Development Authority's (BD'A) grievance cell that was started Friday, dedicated to resolve planning-wing related complaints received lukewarm re­sponse from the citizens.
Realtor held for duping investors
Aug 03, 2013
BHUBANESWAR: Commissionerate Police Thursday arrested realtor and film producer Ratikant Kanungo on charge of duping investors and collecting lakhs of rupees from them promis­ing land on the city outskirts.
Chit fund scam: Justice Patra to hold prelim hearing from Sept 6
Aug 03, 2013
BHUBANESWAR/CUTTACK: RK Patra, retired Chief Justice of Sikkim High Court and former Chairman of Odisha Human Rights Commisssion, probing the multi-crore chit fund scam in the state will start hear­ing of the case from September 6.
RIL denies CAG charges, says cleared all dues to MMRDA
Aug 03, 2013
MUMBAI: Reliance IndustriesBSE 0.84 % on Friday denied CAG report that blamed Maharashtra government for not recovering lease rentals from it for its upcoming BKC project, saying the company has paid all its dues to MMRDA.
Large size, tenant & infra mix needed for success of malls: DLF
Aug 03, 2013
DELHI: Large shopping malls with right mix of tenants and good infrastructure would have a greater chance of success going forward, a top official of realty major DLFBSE -6.93 % said today.
Real estate’s share in GDP estimated at 6.3%: Report
Aug 02, 2013
DELHI: The contribution of the real estate sector to India’s GDP has been estimated at 6.3 per cent in 2013, and the segment is expected to generate 7.6 million jobs in the same period, according to a report.
Telangana to push Hyderabad realty gather pace
Aug 02, 2013
HYDERABAD: After a four year hiatus, residential real estate prices are set to rise at a relatively faster pace in Hyderabad with the Government move to carve out a separate State of Telangana.
Brigade Enterprises Q1 profits down 53%
Aug 02, 2013
BANGALORE: Brigade Enterprises Limited profits are lower by 53.61 per cent at Rs 6.67 crore on standalone basis for the first quarter (Q1) of financial year 2013-14 as compared with Rs 14.38 crore in the same period last year.

Latest Realty News Of State

Realty Talk's