We all know that The Real Estate (Regulation & Development) Bill, 2016, was passed by the Rajya Sabha on March 10. Urban development minister M Venkaiah Naidu said “Realty bill will help to help bring down property prices and give more reliability to running the real estate sector.”
In the further discussion on the bill in the Lok Sabh, he added that “It is a historic moment for India as we are satisfying the aspirations of the people who wish to own a house, giving them the needed protection. The bill will be giving credibility to real estate sector also” Along with this, Naidu highlighted that it would enable block the loopholes in the current methods, and will help realtors to escape from the influence of the laws by satisfying all the privileges.
Before, the rate of interest payable by consumer and builders used to vary. But from now on, the interest to be paid by either party, be it the customer or builder, will be the same. Because ‘Land’ is a state issue, complete co-operation with builders is expected from every state. And as far as bills are concerned, approvals are to be given in a month. Now central government has done its duty in catering reasonably priced homes.
The minister also said that “The builders will have to do their duty. Parliament is not interested in interfering with their activity. What you (builders) are committing, what you are promising, fulfill that. This is the only purpose of this real estate bill. He is also ready to discuss it with the builders if they have any concern with bill that may slow down their work. And he will take the idea to inform all chief ministers to offer quick clearance to the real estate projects in their respective states.”
This proposal is taken to make our India to become a best country and a happy place to live in the future.
Source and Image: Economic times & Net