Government Confident of Getting Real Estate Bill Passed in Budget Session

Summary

Concerned about the fading trust of home buyers from the fly-by-night players, Parliamentary affairs and housing minister M Venkaiah Naidu speaks about the dire need of the real estate bill.

Introduction

While experts believe the year 2016 to see an upswing in the Indian real estate market, a bitter reality is that lakhs of home buyers are still being exploited by the private builders and developers.

However, considering the status of the home owners as the top priority,the government plans to bring the real estate bill to Parliament in the first half of the budget session and is even very confident of its passage.
Parliamentary affairs and housing minister M Venkaiah Naidu said, “This is one of the priorities of the government and no party has any objection since we have incorporated all their recommendations. I raised the issue with Congress president Sonia Gandhi and I am confident her party will help pass the bill. We have increased the share of payments made by home buyers that has to be kept exclusively for individual projects. This was one of the major demands of the Congress party.”

According to industry estimates, over 10 lakh buyers purchase houses every year with an investment of about Rs 3.50 lakh crore. Talking about the new set ups, every year about 3,200 to 4,000 new projects arelaunched. About 17,000 projects are in progress in 26 major urban locations in the country which will come under the domain of the proposed bill.

Mr. Naidu further said thatestablishing a regulator and an effective mechanism to deal with the real estate sector will help protect home buyers from deceiving realtors. “It will also protect consumers against reputed builders, who follow bad business practices,” Naidu said. The proposed real estate bill is said to cover all projects in effect wherein sales are still in progress.
While Mr. Naidu is quite confidence about the approval of the proposal, public opinion points the government efforts to be a forlorn attempt. Hope, this time government really come up with something big for the home buyers in India.