Track2Realty-Agencies: The government is likely to come up with a Bill in the forthcoming Budget Session of the Parliament to regulate the real estate sector, Housing Minister Ajay Maken said on Wednesday, Dec 9.
The Union Cabinet is expected to consider the Real Estate (Regulation and Development) Bill within a fortnight. However, while the Government intends to present the Bill during the monsoon session of Parliament, scheduled to start from August 8, single window clearance to the projects is the only stumbling block in its way.
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 proposed Real Estate Regulation Bill may be delayed.
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For achieving 10% growth, India’s domestic economy needs to attract added investor interest, including that of overseas funds. Increased levels of foreign investments would be welcome for the Government’s recently launched “Make in India” initiative as well.