RERA Act has Changed Real Estate Sector forever: Hardeep Singh Puri

By Rohit Sharma

NEW DELHI

The Minister of Housing and Urban Affairs, Hardeep Singh Puri on August 29 asked NBCC, a PSU to find out the feasibility of completing the incomplete projects of Amrapali so that thousands of home buyers can get their houses as soon as possible.

Addressing a function Real Estate: Opportunities to Challenges to organised by Confederation of Indian Industry (CII) here he said, the government at the centre is committed to providing a positive solution to the problems of home buyers, so that they get their home as soon as possible.

The Minister during his address pointed out that the matter of the affected home buyers is also being heard by the Hon’ble Supreme Court and it asked NBCC, a PSU to find out the feasibility of completing the incomplete projects of Amrapali, so that thousands of home buyers can get their houses as soon as possible.
Though NBCC prayed for 45 days’ time, the Hon’ble Supreme Court granted 30 days’ time to NBCC to undertake study and work-out the detailed plan for early implementation of incomplete housing projects of Amrapali. “NBCC is in the process of finalizing the detailed report as directed by the Apex Court before the next date of hearing, which has been fixed for September 4, 2018, he added.

Singh outlined that, “Construction sector is the second largest in terms of employment after agriculture and plays a vital role in the economy.”

The Real Estate Act fills the existing gap between the Development/Municipal laws and the Apartment Ownership Act, and is intended to regulate transactions (buying and selling) and enforcement of contracts, he said.

The Minister informed that after taking charge of the ministry in September 2017, one of the first steps taken was to write to the Corporate Affairs Ministry to confer the status of ‘financial creditors’ on home buyers. The dialogue with that Ministry has finally resulted in another path breaking amendment to the Insolvency and Bankruptcy Code (IBC), he added.

Puri explained that the amendment provides with the homebuyer the status of a ‘financial creditor’, a move that will allow him to initiate Insolvency proceedings on par with of the financial institutions. He said, by empowering the homebuyer through a legislative mechanism, this Government has once again demonstrated through action that it has the best interests of the consumer and places it on the highest pedestal.

He also spoke about several other initiatives by the Housing and Urban Development Ministry, that includes fiscal measures (lower GST rates for affordable housing), tax concessions(relief under Section 80 IBA),programmatic interventions(PMAY; higher carpet area for leveraging CLSS for the MIG),Policy interventions(‘Infrastructure’ status for Affordable housing) and more.





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