Real estate bill deferred in Rajya Sabha

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SME Times News Bureau | 30 Apr, 2015
A bill for establishing a regulatory authority for the real estate sector was deferred by the Rajya Sabha on Wednesday with opposition members insisting that it be sent to the select committee.

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

As per the bill, residential real estate projects, with some exceptions, need to be registered with RERAs. Promoters cannot book or offer these projects for sale without registering them. Real estate agents dealing in these projects also need to register with RERAs.

"The are not following any standard practices, they may be taking consumers for a ride... We have a noble objective of housing for all. Mere government will not suffice. For allowing private participation it is important to have some sort of regulation," Urban Development Minister M. Venkaiah Naidu said seeking leave of house to introduce the bill.

Congress leader Jairam Ramesh opposed the bill and said it is changed from what was brought by previous government.

"It is different from our bill, all pro-consumer provisions have been removed... send it to a select committee," Ramesh said, and was supported by several other opposition parties.

As opposition members insisted, Deputy Chairman P.J. Kurien said the government should take a couple of days and hold consultation with others before coming back with it.