According to Urban Development Minister Venkaiah Naidu, the real estate regulatory bill facing pendency for approval, and which was not given parliamentary consent last year, will get the approval in the ongoing budget session of the parliament.
He said the passage of realty bill in the ongoing budget session of the parliament will be executed after discussion. His reply came in response to the supplementary question he was asked during Question Hour.
About Centre’s authority to legislate real estate which is the prerogative of State governments, Naidu inferred the views of Law Ministry, saying realty can be legislated upon as it is in the concurrent list. However, Naidu ruled out speculation of encroaching upon the rights of States regarding real estate due to imposition of the proposed legislation.
He said no rights of the state’s realty will be encroached upon with the legislation.
Passage of real estate regulation and development bill holds significant value for safeguarding the interests of home buyers and sellers, said Naidu. He also said there is no planning to make real estate licensing online.
20 amendments in the real estate regulatory bill were approved by the Union Cabinet in December 2015 last year. The bill sought to regulate transactions between home buyers and promoters of real estate projects through state-level regulatory authorities.
Source: The Economic Times. February 26, 2016