Real Estate Bill is regulation, not strangulation: Venkaiah Naidu

Published on April 11, 2015 18:34:15 PM
Business
The Centre may introduce Real Estate Development and Regulation Bill during the second half of the forthcoming Budget session of the Parliament.

Stating that the government is thinking of tabling the amended bill in the Parliament, Union Urban Development Minister Venkaiah Naidu on Saturday said, "It is a regulation and not strangulation. This is to ensure that the sector is run in a proper way and in the interest of consumers and real estate developers.”

"(I am) happy that the Cabinet (has) approved amendments to Real Estate Bill today. Now it will be taken up in the forthcoming session of Parliament,” tweeted the union minister, right after the Cabinet approved amendments to the bill on Friday evening.

The Bill was conceived to ensure protection of consumers, in the wake of some real estate developers failing to deliver the rosy promises they made to the consumers in their advertisements.