Hyderabad: The government is considering introducing the Real Estate Development and Regulation Bill in the coming session of Parliament, Union Urban Development Minister M Venkaiah Naidu said on Saturday.
"It is regulation and not strangulation. This is to see that the sector is run in a proper way and in the interest of consumers and real estate developers, mainly for the benefit of consumers. The intention is not to trouble the sector," Mr Naidu said here.
The Bill is being introduced against the backdrop of some real estate developers not fulfilling the promises made to consumers despite giving attractive advertisements, he said.
The Union Cabinet has approved the Bill and the ministry is thinking of moving it in the coming session of Parliament, Mr Naidu said.
He hailed Prime Minister Narendra Modi's initiative to take care of people affected in natural calamities.
The enhancement of compensation to the affected families and compensation to crop damages, loss of milch cattle, damaged houses and also for weavers and artisans are aimed at helping the helpless and needy, he said.
"This is as per the stated policy of NDA helping the helpless. Another pro-poor and pro-middle class initiative in this direction is opening of Mudra Bank to fund the unfunded," he said.
The push-cart vendors and small businessmen who were neglected so far will be benefited by the initiative, he said.
The Jan Dhan Yojana scheme, aiming to end financial untouchability through financial inclusion by opening 12.37 crore bank accounts is a major initiative, he said.
"All these show the inclusive politics of this government and its priority for uplifting the poor (Antyodaya)," he said.
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