Minister of Housing and Urban Poverty Alleviation Venkaiah Naidu on Friday said that the proposed legislation related to real estate sector aims to enable quick approvals and smooth domestic and foreign inflow.
He was speaking at the ‘Stakeholders Consultation on Real Estate (Development and Regulation) Bill and Single Window Approval System’ here which was held to solicit views and suggestions on the Bill. Naidu said that the Government is keen to move the Bill for consideration in the Rajya Sabha in the forthcoming Winter Session of Parliament.
The Minister emphasised the need to remove the ‘mistrust’ among the developers and buyers to enable the growth and development of real estate sector that has huge employment potential.
Naidu said the Government does not intend to add one more ‘table’ to the many that already exist in the trail of obtaining necessary approval and on the contrary seeks to simplify the approval process by taking the states on board. He asserted that the Bill does not indulge in over regulation of the sector.
The Minister also said that the Bill will bring more credibility to the sector in the lines of telecom, securities, insurance, electricity etc. “it will ensure transparency and accountability to the benefit of both developers and consumers,” he said. The Bill also enables speedy adjudication of disputes between the buyers, agents and developers. It also enables professionalism and standardization of transactions in the real estate sector, the Minister added.