The Real Estate (Regulation and Development) Act, 2016 (RERA) implementation will make everyone answerable to the regulator, Union Minister for Urban Development, Housing & Urban Poverty Alleviation Venkaiah Naidu said while giving a progress report on government’s Housing for All scheme. He further added that RERA is a pro-consumer and pro-industry initiative. RERA is expected to come into force from May 1 and is being seen as a measure to revive the real estate sector, which has been through a recent slowdown.
Naidu also asked the states and union territories to speed up and notify the rules and set up regulatory authorities on time and said that RERA has brought back consumer confidence, transparency, and accountability.
On the progress of ‘Housing for All’, Naidu said the government has so far approved financing of construction of 17.73 lakh affordable houses for beneficiaries belonging to economically weaker sections and low-income group (LIG). The target beneficiaries include – economically weaker sections with annual income up to Rs 3 lakh, low income group (LIG) with an annual income between Rs 3 lakh and Rs 6 lakh, middle income groups with annual income between Rs 6 lakh and Rs 12 lakh and middle income groups with annual income between Rs 12 and Rs 18 lakh.
You may also watch
” We have put in place an enabling ecosystem to promote affordable housing and have accorded the long pending ‘Infrastructure status,” Naidu added.
On being asked about the plights of homebuyers in Noida, Greater Noida and other Delhi-NCR region, Naidu said he is constant touch with the chief ministers of Uttar Pradesh and Haryana to address the issue.
For giving a boost to rental housing, Naidu said that the government has formulated the National Urban Rental Housing Policy and will be taken for Cabinet approval soon. PMAY is a testimony to the government’s commitment to inclusive development.
The Real Estate (Regulation and Development) Bill, 2016 was passed by the Rajya Sabha in March this year, while Lok Sabha passed it on March 15 last year. Naidu said till now 13 states and UTs have already notified the final Real Estate rules, while another 16 have prepared draft rules and legal opinion is being taken in respect of North-Eastern states given the land ownership issues there.
PMAY was launched in June 2015, which involves building affordable pucca houses with basic water and sanitation facility and electricity supply round-the-clock.