Government plans to bring the real estate bill to parliament in the
first half of the budget session and is confident of its passage.
”This is one of the priorities of the government and no party has
any objection since we have incorporated all their recommendations.
I raised the issue with congress president Sonia Gandhi and I am
confident her party will help pass the bill.We have increased the
share of payments made by home buyers that has to be kept exclus
-ively for individual projects.This was one of the major demands
of the Congress party,”parliamentary affairs and housing minister
M Venkaiah Naidu told.
He added that setting up a regulator and the mechanism to deal with
the sector will protect home buyers from fly-by-night players.”It
will also protect consumers against reputed builders,who follow bad
business practices,”Naidu said.The proposed law will cover all
existing projects wherein sales are still in progress.
According to industry estimates,about 10 lakh consumers buy houses
every year with an investment of about Rs 3.50 lakh crore. About
3,200 to 4,000 new projects are launched every year and about
17,000 real estate projects are in progress in 26 major urban
agglomerations in the country which will come under the ambit of
the proposed bill.