The urgency of Real Estate (Development and Regulation) Bill can be understood by the fact that Narendra Modi led government in Centre is laying full-fledged emphasize on its passage in the current budget session of parliament, along with government’s highly ambitious Goods and Service Tax (GST) Bill.
To the source, the government has currently maintained ‘wait and watch’ stance concerning the ongoing parliament functioning and is expected to push the realty bill in Rajya Sabha for approval.
“This is a high priority bill. We had decided against passing it in the winter session as there was hardly any business conducted. The Rajya Sabha functioned normally in the last 3 days and the government decided to push only non-controversial urgent matters then. If this time there is any indication of Houses running smoothly, it would be done in the first half” quoted the source.
The NDA government is sparing no pains in pushing through real estate bill, and for this to execute on practical ground, it is interacting with non-Congress parties. The amended legislation earlier received consent from parliamentary committee and it now awaits further approval from the Rajya Sabha and then from Lok Sabha.
As reported, the government will have to wade through political quagmires considering the heated debate slated to engulf passage of the realty bill during the course of its presentation by the government in parliament’s budget session.
Source: ET Realty. February 27, 2016