Odisha News Insight

Real Estate Bill 2013 to go to Rajya Sabha’s Select Committee

Real-Estate-BillNew Delhi, May 6 (IANS): Following pressure from opposition parties, the BJP-led National Democratic Alliance government is set to send the real estate bill to a select committee of the Rajya Sabha. The formation of the committee, comprising 20 members from all parties, was listed in the business for the day on Wednesday.

The Real Estate (Regulation and Development) Bill, 2013, aimed at establishing a regulatory authority for the real estate sector, was deferred by the Rajya Sabha last week with opposition members insisting that it be sent to a select committee of the house.

On Tuesday again, members objected as the bill was listed in the day’s business. Parliamentary Affairs Minister M. Venkaiah Naidu then said he was consulting all parties and promised to come back to the house soon.

Congress vice president Rahul Gandhi on Saturday accused the NDA government of bringing a “pro-builder” real estate bill, saying it dilutes all good provisions of the bill brought by the Congress government.

The bill seeks to regulate transactions between buyers and promoters of residential real estate projects. It also seeks to establish state-level regulatory authorities called Real Estate Regulatory Authorities (RERAs).

According to the bill’s provisions, residential real estate projects, with some exceptions, would need to be registered with the RERAs. Promoters also cannot book or offer these projects for sale without registering them.

Real estate agents dealing in these projects also would need to register with the RERAs.

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