|Real Estate (Regulation And Development) Bill, 2011|
|The Minister for Housing and Urban Poverty Alleviation (HUPA) Kumari Selja has said that the Real Estate (Regulation and Development) Bill, 2012 is with Ministry of Law and Justice for vetting and after getting the same, the Ministry of Housing and Urban Poverty Alleviation will move the Bill to Cabinet.|
In a written reply in the Rajya Sabha today she said, the said Bill does not make it compulsory for developers to provide some portion of project townships for the lower income groups. However the Ministry of Housing & Urban Poverty Alleviation has suggested amendments to the State Acts for earmarking of minimum of 20% of developed land or 20% of Floor Space Index (FSI) in all land development/housing projects (both by Public and Private Agencies) to be reserved for Economically Weaker Section (EWS) and Lower Income Group (LIG) category.
Kumara Selja saud, the Real Estate (Regulation and Development) Bill mandates the developers to disclose the project details like approved layout plan, timeline, cost, sale agreement to the regulator before selling the property.
She said, Draft Bill has been prepared in consultation with all concerned stakeholders like Central Government Ministries, State Governments/Union Territory Administrations, Consumers’ Welfare Associations, Real Estate Developers’ Associations and General Public. The views received after wide ranging consultations have been taken on board before finalizing the draft. Stringent penal actions for violation of provisions of the Bill have been made in the draft Bill.
Since Ministry of HUPA has been following the procedures for introduction of the Bill in right earnestness, no time frame can be assigned at this juncture, Kumari Selja added.