Govt to bring out revised Real Estate Regulation Bill soon

July 4, 2014

The BJP Government is set to bring out a revised Bill to regulate the real estate sector, after talks with all stakeholders, said Urban Development, Housing & Urban Poverty Alleviation Minister M. Venkaiah Naidu on Friday.

“The earlier Bill has lapsed. I am now having interactions with real estate stakeholders and States also. We will incorporate their views and bring out a revised Bill,” Naidu told reporters, without giving details on the contours of the Bill.

The Minister has had one round of meeting with CREDAI and will meet industry chambers such as FICCI soon.

The Real Estate (Regulation and Development) Bill, 2013, was introduced by the UPA Government in the Rajya Sabha in August 2013 and provided for institution of a uniform regulatory environment. It aimed at protecting interests of home-buyers and establishing a mechanism for settlement of disputes.

Delhi metro fare

On fare hike for Delhi metro, for which multiple proposals are pending with the Government, Naidu said, “We are discussing it internally. First I have asked them to prepare a plan for internal resource mobilisation by commercial exploitation of spaces. In the long term, you need to go for fare revision but at the same time augment resource mobilisation also.”

The Ministry recently concluded a two-day conclave in the Capital which saw participation of States and UTs. A tripartite understanding has been committed to in the form of a National Declaration with regard to the urban agenda.

“This is the first such national commitment with the participation of States and UTs and in partnership with the Central Government to achieve national goals in tune with the vision of the Prime Minister,” the Minister said, stressing that urban local bodies are the weakest link in urban planning and management for want of resources and capacities.

To achieve the Government’s flagship programme ‘housing for all by 2022’, a range of financial models are being looked at, he said.

To meet the housing shortage of 300 lakh houses in urban areas by 2022, various options, including a new idea of having an escrow account by which revenue generated by enhanced housing activity can be invested back in the same sector, are being examined.

Interest subvention to home buyers and public-private-partnership models are also being discussed, he added.