Real Estate Bill to become reality in ongoing Budget session itself: Venkiah Naidu

Expressing confidence, Urban Development Minister Venkiah Naidu has said that the Real Estate Bill will become a “reality” in the ongoing Budget session of Parliament itself. He has informed all domestic and global investors by saying “I am holding discussion with all stakeholders”. He said that the law would be a regulation and not strangulation.

Recently, the Congress wrote to Prime Minister Narendra Modi and Naidu, asking them to have the bill passed in the first leg of Budget session of Parliament. The Real Estate Bill is pending in Parliament. The proposed real estate law is aimed at protecting the interest of the buyers and sellers.

In the year 2013, the Real Estate Bill was introduced in Rajya Sabha. It was referred to the Standing Committee which submitted its report in February, 2014. After the NDA government was formed, the bill was again referred to a Select Committee of Rajya Sabha, which submitted its report on July 30 last year.  Earlier in December 2015 the Cabinet had cleared 20 amendments to the bill which seek to regulate transaction between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.