The proposed Real Estate Regulation Bill, 2011, is likely to be taken up during the winter session of Parliament, Minister of Housing and Urban Poverty alleviation and culture Kumari Selja said in Mumbai.
The Bill is expected to fill in the regulatory gaps and bring in more transparency in the unregulated property market. Selja said the Regulatory Bill is aimed at bringing in transparency and fair deal in the sector whose image has been tarnished by several scams and also one-sided agreements with customers.
“It will be a central law but will have State regulators. The regulator will have penalising and appellate powers,” she said at the sidelines of a FICCI Real Estate Summit.
On Land Acquisition Bill, she said that she has already written to the Rural Development Minister Jairam Ramesh and Prime Minister Manmohan Singh about Land Acquisition Bill having an impact on affordable housing as the cost of acquiring land will increase due to high compensation to be provided to landowners. “We will have to balance out both the land acquisition and impact of it on developers and consumers. For the growth of the sector, land acquisition challenges needs to be overcome and the new Land Acquisition Bill presented in the Parliament will be passed after taking all the concerns on board. This is expected to happen in the winter session of the Parliament,” she said. Selja said that land is an expensive think and farmers and poor land-owners parting with it should get the right compensation. “The bill will try to make land owners partners in urbanisation and will adequately compensate all the persons dependent on the land. At the same time we will also try to balance out so that affordable housing segment is not impacted due to high cost of acquisition,” she said. Further, she emphasised that the proposed bill will ensure that a certain per cent of every project would be allocated to the lower income group.
