By TIOL News Services

NEW DELHI, SEPT 20, 2014: REAL Estate Regulation Bill seeks to enhance credibility of the sector, says Mr. M Venkaiah Naidu. Minister says efforts are on to enable quick approvals for real estate projects and not over regulation Bill to enable domestic and foreign investment flow into the sector.

Mr Naidu has emphasized the need to remove the ‘mistrust’ among the developers and buyers to enable the growth and development of real estate sector that has huge employment potential. He said so while speaking at the ‘Stakeholders Consultation on Real Estate (Development and Regulation) Bill and Single Window Approval System’ here yesterday. The Ministry of HUPA has organized the consultation to solicit views and suggestions on the Bill. Mr Naidu said that the government is keen to move the Bill for consideration in the Rajya Sabha in the forthcoming Winter Session of Parliament.

The Minister said the government does not intend to add one more 'table’ to the many that already exist in the trail of obtaining necessary approval and on the contrary seeks to simplify the approval process by taking the states on board. He asserted that the Bill does not indulge in over regulation of the sector.

The Minister clarified that the Bill will bring more credibility to the sector in the lines of Telecom, Securities, Insurance, Electricity etc. it will ensure transparency and accountability to the benefit of both developers and consumers. The Bill also enables speedy adjudication of disputes between the buyers, agents and developers. It also enables professionalism and standardization of transactions in the real estate sector.

Mr Naidu observed that there is a ‘New Hope’ with a sense of enthusiasm under the leadership of Prime Minister Narendra Modi and the private developers in Real Estate Sector have to play their due role to enable people realise their ‘New Hope’ of acquiring house ownership by the year 2022. The Minister said that the task of ensuring housing for all cannot be met by government alone and private sector has to play a major role and hence, the government is keen to ensure that the Bill enables the growth of real estate sector through necessary enabling measures.

Ms.Anita Agnihotri, Secretary HUPA assured the stakeholders that all suggestions would be given serious consideration before the government firmed up the official amendments to be moved, if required.

Outlining the scope of the Bill, Mr. K B S Siddhu, Joint Secretary, Ministry of HUPA said that the Bill provides for mandatory registration of all projects beyond a specified threshold level besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals, carpet area. He further said the Bill seeks to enforce the contract between the developer and buyer and provides for quick remedial measures in case of disputes.