Real Estate Bill to be reality soon: Venkaiah

The Real Estate Development and Regulation Bill is in the final stage of consultation after talks with various stakeholders, Urban Development Minister M Venkaiah Naidu said on Monday.

“I have gone through the draft yesterday. Once the Cabinet approves the Bill, I am hoping for early clearance. If not this Winter session, then by Budget session of Parliament, the Bill will be a reality,” he said.

Naidu was speaking to reporters on the sidelines of the annual Confederation of Real Estate Developers’ Associations of India conclave.

Without giving details of the contours of the Bill, Naidu said it will be ‘people-friendly and construction-friendly’ and assured real estate players that under the new Bill, the builder will be accountable for only what he promises to the buyer.

The Minister added that to fulfil the ‘Housing for all by 2022’ plan, an interest subvention plan will be launched soon, particularly for economically weaker sections and low-income categories. The plan will be a part of the new housing scheme.

Real estate players at the conclave pressed for online clearance for projects, higher floor space index norms, higher R&D spends on construction by the Government, simplification of environment and forest norms, among others.

According to estimates, an investment of Rs. 14 lakh crore is required every year for the next seven years to meet the country’s housing shortage. Business Line