By Accommodation Times News Services
Union 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.
The real estate industry is eagerly waiting for introduction of Real Estate Regulatory Bill and are very positive about it, Mr. Sandeep Ahuja, CEO, Richa Realtors said, “Realty bill is much awaited as it will bring transparency in Realty sector not only for consumers but for developers too. As transparency increases, trust increases which will lead to conversion of fence sitters into consumers.”
Rohan Agarwal, Director Geoprenuer Group said, “We have a high expectation with respect to the introduction of the Real Estate Regulatory Bill, which will make things highly transparent amongst othergains. Thirdly, there is an anticipation of little more firm decisions pertaining the GST and lastly, there is the expectation for major good spending on infrastructure, which is the most vital item that can revive the economy.”