New Delhi: A Bill seeking to regulate the real estate sector, bring in transparency and help protect consumer interests was passed by the Rajya Sabha on Thursday.
Moving ‘The Real Estate (Regulation and Development) Bill, 2015’ for consideration and passage, urban development minister M. Venkaiah Naidu said it aims to protect the interests of buyers.
The Congress had extended its support to the Bill. The Bill also provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for violation of orders.
No more Realty bites
The Rajya Sabha on Thursday passed the Real Estate (Regulation and Development) Bill, 2015, which is aimed at bringing transparency in the sector and protecting consumer interests.
Describing it as a “great news for aspiring house buyers”, Prime Minister Narendra Modi said the Bill “fully ensures more transparency, accountability and efficiency in real estate sector, freeing it from many existing flaws" and will give a strong impetus to our vision of 'housing for all.”
The Upper House, which had been witnessing a united Opposition trying to corner the government on several issues, saw a rare bonhomie between the treasury bench and the Opposition.
The Congress, which had extended full support to the Bill, also congratulated BJP MP Anil Dave, who headed the select committee that looked into the Bill, for “taking everyone on board.”
Congress’ Kumari Selja said the “whole country is waiting for this Bill... Consumers are waiting with bated breath for this.”
Urban development minister M. Venkaiah Naidu described the Bill, which was passed by a voice vote, as the “need of the hour. He also sought the support of AIADMK members, who had opposed the measure. Mr Naidu also said the Bill will renew investors' confidence and ensure timely completion of projects and create more opportunities.
Asserting that Bill would prohibit unaccounted money from being pumped into the sector, the minister said 70 per cent of the money has to be deposited in bank accounts through cheques. To a suggestion by Ms Selja on inclusion of a non-discriminatory clause in the Bill, Mr Naidu said, “There will be no discrimination of any kind on basis of religion, region, caste, creed or sex and gender and we will include that in the rules.”
“There has to be single-window clearance for all approvals,” he added. The Bill also provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for any violation of orders of appellate tribunals or monetary penalties or both.
Mr Naidu said it proposed that a minimum of 70 per cent collections from buyers should be deposited in separate escrow account to cover cost of construction and land.
