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Government making public the draft on RE

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The Indian Government in a sudden move to make the living comfortable, as well as make the business of REAL ESTATE more promising, will make public the draft about the Real Estate Regulation and Development and it is seriously thinking about comtemplating a bill ,2011 for comments from stakeholders. The Government subsequently introduce this bill it in the forthcoming winter session of Parliament.
The Ministry of Rehabilitation went to the extent saying that “we will upload the draft Bill on the Ministry’s website by November 11 for suggestions by public. Every points would be considered, and after considering those suggestions, we are hopeful of introducing the bill during the winter session of Parliament,” said the Union Housing and Urban Poverty Alleviation.
This bill will not be directly passed and pressed into the service, and a senior Government official has remarked that “The bill will be under the public domain for few days… Every details are worked out to prepare and to look into the suggestion of single window clearance system for realty projects,”.
The Bill would protect the interest of consumers without hurting the real estate sector. Nor the bill would be a turbulent draft and neither it would be anything like a heavy weighted bill, said a Government Minister adding that, “It will be a balanced kind of Bill, as on one hand we do not want consumers should be put into any difficulty (in real estate buying) and on the other hand, we definitely do not want to throttle the real estate industry. So it will be a balanced (one)”.
A team of Real Estate Association has been opposing the constitution of a regulatory body saying that it would become a “breeding ground for corruption” when implemented.
Not really satisfied totally by the way the bill would contain the draft, as they feel that it would be biased, they went onto add that the objective of the draft Bill was limited to just consumer protection, leaving other important issues such as long delay in approval and rising cost of material.
This bill was pending since the time when the Vajapayee Government was in power.The Prime Minister, then, Mr Atal Behari Vajapayee, then had made a frantic attempt along with the energy bill to be housed tabled and to pass it in the session, but it gathered a opposing storm by the opponents then.
Source: NIMMA BENGALURU

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