Naidu Hopeful of Passage of Real Estate Bill

Union Minister Venkaiah Naidu said he is confident that bills pertaining to formation of a realty regulator and the much-awaited indirect taxation reform GST will be passed in the upcoming Budget session.

Mr Naidu, who also handles the Urban Development portfolio, exuded confidence that a bill to have a realty regulator will also be passed in the session which begins on February 23.

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.

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.

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