Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session.
“We have received the Law Ministry’s view on this legislation. Respective State Governments can then frame their own regulatory bill to improve governance and transparency in the real estate sector,” said Selja, while inaugurating the 8th international realty summit organized by the Federation of Chamber of Commerce and Industry (FICCI) in Mumbai on Thursday, September 22.
The realty sector’s image has suffered a huge dent due to recent housing loan scam, judgments by the Competition Commission of India and issues relating to land acquisition for real estate projects across the country, Selja said.
Selja added, “Approval procedures for realty projects need to be improved to cut down the time required in obtaining clearances. We have formed a task force in the Ministry, with the states and industry representatives as members to steer it. The panel is consulting industry bodies and states for suggestions to streamline the existing procedures. FICCI’s study on the subject will also be considered by the task force.”
She appealed to the real estate industry to come forward to build low-cost houses.
“As part of reforms in our schemes, a certain percentage of land has to be reserved for lower income groups in housing projects. We are working with the states to see that reservation does not affect the bottomline of the sector,” she said.
Selja said that the centre is also hopeful that the new Land Acquisition Bill would be passed in the winter session of Parliament.
Land acquisition challenges need to be overcome for growth of the real estate sector. The new Land Acquisition Bill presented in Parliament would be passed after taking all the concerns on board. This should happen before the end of the winter session of Parliament,” she added.
The Bill would try to make land owners partners in urbanisation and adequately compensate all persons dependent on the land being acquired. This would give a humane face to land acquisition and would make development move inclusive, hassle-free and sustainable.
