7 Nov 2012

Real Estate Regulation Bill

Real Estate Regulation Bill in Winter session of Parliament: Ajay Maken

MUMBAI: The Real Estate Regulation Bill, which aims to establish a regulatory authority for the realty sector, is likely to be tabled in the upcoming Winter session of Parliament, Union Housing and Urban Poverty Alleviation Minister Ajay Maken said today.

"The draft Real Estate Regulation Bill is currently circulated at the inter-ministerial level. We propose to table it during the ensuing Winter session. I can not divulge further details now, as the Bill will be taken to the Cabinet for its approval," Maken said after inaugurating the 14th World Innovation Summit & Expo on Power & Construction here.

The draft legislation, pending since 2009, aims to establish a regulatory authority for the realty sector, ensure sale of immovable properties in an efficient and transparent manner and protect consumer interest.

The most important proposal in the draft Bill include setting up a regulatory authority in every state.

Maken said private builders will have to reserve 35 per cent of houses or 15 per cent floor area ratio (FAR), whichever is higher for the economically weaker sections (EWS), under the Rajiv Awas Yojana.

He also asked the private sector to pass on the benefits to the EWS instead of only "maximising" their profit.

Under the ambitious Rajiv Awas Yojana, the government has proposed an expenditure of Rs 40,000 crore, Maken said, adding that bank loans will be available for EWS without any collateral.

Maken said a credit risk guarantee fund has been created for low-income housing and all states would have to implement these norms in all cities.

"The need for housing is growing rapidly as there has been a rapid urbanisation," he added.

"The urban population has risen to 31 per cent from 27 per cent in the past six-seven years while the total number of towns also surged to 7,800 from 5,100 during the same period," he said.

Maken said the government was giving priority to the development of green houses.

"We will move the Finance Ministry seeking tax incentives for green houses, transfer of development rights (TDR) and floor space index to encourage more green buildings," he said, adding green houses will also address the issue of climate change.


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