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REAL ESTATE BILL IS PRIME MINISTER’S GIFT TO THE NATION, SAYS SHRI NAIDU

 
 
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REAL ESTATE BILL IS PRIME MINISTER’S GIFT TO THE NATION, SAYS SHRI NAIDU
by System Administrator - Monday, 21 March 2016, 2:48 AM
 

By : M.S.Yatnatti: Editor and Video Journalist Bangalore : Lok Sabha recently approved the Real Estate (Regulation and Development) Bill, 2016. The though process started during the UPA Government .The bill seeks to create a set of rights and obligations for both the consumers and developers and encourage both of them to live up to the expectations of each other as per the agreement entered into by both of them. Moving the Bill pending in Lok Sabha after it got passed in Rajya Sabha on March 6, Minister of Housing & Urban Poverty Alleviation Shri M. Venkaiah Naidu clarified the position on the issues such as how the Bill will be applicable to existing projects; the Rules on setting aside 70% of customer advances in an escrow account; compulsory approvals prior to project launches, and payment of similar interest rate to customers as charged from them for delays will impact launches and increase compliance costs.