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Will realty bill come up for hearing in LS tomorrow?

Homebuyers hopeful that the realty bill will get Lok Sabha nod

real estate Updated: Mar 14, 2016 20:22 IST
Homebuyers who have been campaigning for the passage of the realty bill outside Parliament House on Monday, March 14.
Homebuyers who have been campaigning for the passage of the realty bill outside Parliament House on Monday, March 14.

The Real Estate Bill was not taken up for discussion in the Lok Sabha today. The bill cleared by the Rajya Sabha last week is expected to be discussed on Tuesday, March 15.

Representatives of homebuyers who had worked hard to get the bill passed made it to the visitors’ gallery of the Parliament today but were disappointed when it was not taken up for discussion in the Lok Sabha today. “We are keen to see the Real Estate Bill getting the nod of the lower house. We met up with the minister of urban development Venkaiah Naidu and he assured us that it will be taken up,” says Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA) and core member of RERA movement.

. “We have buyers from across the country associated with our movement. Our efforts will now be directed at ensuring that it is implemented in every state,” he adds.

The much-debated Real Estate (Regulation and Development) Bill, 2015 that aims to protect the interests of buyers and bring transparency in the realty sector was passed by Rajya Sabha on Thursday. If implemented in the right spirit, it will improve the confidence of homebuyers who have faced problems related to project delays for long. It will also facilitate greater volumes of domestic as well as overseas investments in the sector and introduce standard business practices.