Venkaiah Naidu Union minister of urban development on Friday said
the government is confident that both real estate and goods and
services tax (GST) bills will be passed in the coming budget
Speaking at information technology (IT) industry lobby Nasscom’s
24th annual event in Mumbai, Naidu said the Real Estate (Regulat
-ion and Development) Bill, 2015, is essential to bring transpar
-ency and in ensuring that “consumers are not taken for a ride”.
Naidu said at a session attended by many corporate leaders and
technology heads of companies “We’re going to take housing in a
major way. We’re bringing real estate development regulator thro
-ugh the real estate development and regulation bill… I’m sure
the bill will get Parliament nod in the coming session.
“In a democracy, you’ve to take care of the will of the people
and that’s why this bill is coming,” Naidu said.On 8 December
2015, the Union cabinet approved the much delayed and
anticipated Real Estate bill.
The bill envisages the creation of a regulator for the real
estate sector who is empowered to penalise and prosecute errant
developers. The move is expected to restore consumer confidence
in real estate, potentially triggering a revival in the sector.
Naidu said the government is hopeful that the politically
sensitive GST bill will also go through in the upcoming Parliam
“I’m definitely confident and optimistic the GST will get
approval from Parliament. We’ve spent and wasted enough time on
it. They (Congress) have raised certain issues which they did
not raise when they brought the bill in 2008. We’re trying to
address them, but certain things are impossible,” Naidu told
reporters on the sidelines of the Nasscom event.
Gross domestic product growth will be boosted 1.5 to 2 percenta
-ge points because of GST and no state is opposed to the bill,