Real Estate Regulatory and GST Bill hopefully to be passed in the Budget Session: Naidu

By Accommodation Times News Services

Real estate billUnion Urban Development Minister Venkaiah Naidu said he is hopeful that long pending Bills Real Estate Regulatory Bill and Gross Service Tax Bill (GST) will be passed in the Parliament’s upcoming Budget Session commencing from 23rd February.

Naidu said passing the Real Estate Regulation and Development Bill is essential because in the absence of a watchdog, people can be fleeced by fly-by-night operators in the sector. He added, GST Bill is also much awaited as it will bring reform in indirect taxation.

The Union Cabinet had in December 2015 cleared 20 amendments to the bill, which seeks to regulate transactions between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.

The Real Estate Regulatory Bill is expected to bring transparency in the sector and will bring value to home buyers.

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