"We have convened a meeting of all stakeholders to seek their views and suggestions on the bill," a senior official of the Housing and Urban Poverty Alleviation Ministry said. Housing and Urban Poverty Alleviation Minister Venkaiah Naidu today discussed various aspects of the bill with his officials. The NDA government has promised houses for all by 2022. Naidu emphasised that the bill, while seeking to promote housing activities, should aim at harmonising the concerns of consumers and real estate developers, rather than introducing strangulation in the name of regulation.
The minister said the bill should promote transparency in disclosures by developers with regard to all relevant information about real estate projects by registering them with the proposed regulator. Besides Naidu and ministry officials, representatives of the Ministries of Environment and Forests and Climate Change, Consumer Affairs, Civil Aviation and Culture would attend the meeting. Issues like protection of consumers' interests and single window system for approval of real estate projects will also come up for discussion. Officials of Consumer Welfare Association, Federation of Apartment Owners Associations, Professional Associations like legal firms and management consultants, National Real Estate Development Council, and Council of Real Estate Developers Associations of India will also attend.
After this exercise, Naidu will hold a meeting with ministers concerned before firming up the official amendments to be moved, if required. There is a suggestion from the real estate sector to rename the Bill as Real Estate (Regulation and Promotion) Bill.