The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, minister of housing and urban poverty alleviation Kumari Selja said on Friday, May 11.
Minister of Housing and Urban Poverty Alleviation Kumari Selja said in the Rajya Sabha the Real Estate (Regulation of Development) Bill is still being deliberated.
The Real Estate Regulation and Development Bill, 2012, has been sent to the Ministry of Law and Justice for vetting, after which it will be moved to Cabinet.
In view of the ever increasing housing shortage in cities and towns, the Union Ministry for Housing & Poverty Alleviation has decided to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses. The decision comes after several rounds of representation by the industry bodies, CREDAI & NAREDCO.
A real estate regulator will enforce public disclosure and bring in much needed transparency and accountability in the sector and there is overwhelming support for setting up such an entity.
Real estate developers have sought inclusion of “force majeure” provisions in the proposed real estate bill drafted by the Central Government.
Seeking to address the concern of real estate developers over delay in getting approval of the projects, government today announced the setting up of an expert committee to suggest measures for a speedy clearance system.
The Government will make public the draft Real Estate Regulation and Development Bill, 2011 for comments from stakeholders this week and may subsequently introduce it in the forthcoming winter session of Parliament.
The Government has asked private real estate developers to participate in creating affordable housing stock and help in making India slum-free.
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.