Parliament passes Real Estate Bill aimed at protecting interests of house buyers
PrintListen to this Article
in 60 days.
Replying to a discussion on the bill, Urban Development Minister Venkaiah Naidu said the proposed legislation will help in attracting more investment in real estate sector besides lowering the prices of houses. The Minister urged the state governments to come forward to implement the legislation. He also urged the states to be pro-active in land clearances so that aim of housing for all by 2022 can be achieved. He said the government is also trying to bring in a National Urban Rental Housing Policy which would take into account the requirements of tenancy hassles in modern days.
Earlier, moving the Bill for the passage in the House, Mr Naidu said under the bill the promoters and builders will have to disclose project information including details of the promoter, land, status of approvals, agreements with real estate agents and contractors. Initiating the discussion, Congress MP K C Venugopal said the bill is the need of the hour to fulfill the dream of home buyers particularly the poor. He also requested the Minister to remove the requirement of mandatory restrictions for registration of 500 Square meters housing projects. The Bill seeks to regulate the real estate sector, which is currently facing slump and over ten lakh houses are unlocked across the country without any buyers. It also has provisions for registration of promoters and agents with the authorities.
The promoters are mandated to deposit 70 per cent of the money collected from buyers in a separate bank account, to be used only for construction of that project. With the passage of the bill, it will now be difficult for promoters and builders to delay projects. They will also be liable for imprisonment of up to three years besides monetary penalties for any violation of rules.
Category : General | Comments : 0 | Hits : 371
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments