Venkaiah Naidu, Urban Development Minister said,Real Estate Regulatory
Authority (RERA) will soon be a reality as rules under Real Estate
Regulatory Act are being finalized and will be ready in the next three
“The bill is in place and we are currently finalizing rules under this.
This will be completed in the next three months and RERA will become a
reality. We also have Tenancy law under consideration now,” Naidu said.
While talking about the government’s vision of ‘Housing For All by
2022’, Naidu added that guidelines for the same have also been finalized
and states have been given the powers for approving these projects.
Financial sanctions, however, will come from central government and the
minister expects this programme also to gather momentum soon.
In Previous month, the government cleared the much-awaited Real Estate
(Regulation & Development) Bill, 2016 in Parliament to make it federal
law.The bill is also expected to bring in additional investment in the
sector following the establishment of a transparent regulatory mechanism.
The Act is a major step towards protecting the interest of property
buyers and intends to regulate the sector.
The government recently revised building bye-laws for Delhi 2016 with
an objective to boost ease of doing business in the capital. The new
2016 bye-laws also integrate environmental clearances with the building
sanctioning process, reduce in number of documents for building permits
and completion and occupancy certificates and provide for green
buildings. “Building bye laws need to be changed, Mumbai also have
similar bye laws soon,” Naidu said.