Real Estate Regulatory Authority (RERA) will soon be a reality as rules under Real Estate Regulatory Bill are being finalized and will be ready in the next 3 months, said M. Venkaiah Naidu, Minister of Urban Development.
"The bill is in place and we are currently finalizing rules under this. This will be completed in the next 3 months and RERA will become a reality. We also have Tenancy law under consideration now," Naidu said.
In March, the government cleared the much-awaited Real Estate (Regulation & Development) Bill, 2016. The bill is a major step towards protecting the interest of property buyers and intends to regulate the sector. The bill is also expected to bring in additional investment in the sector following the establishment of a transparent regulatory mechanism.
The minister stressed on urbanization as an inevitable phenomenon, which needs to be effectively addressed to maximize the gains and minimize adverse consequences.
"From tomorrow, the 'odd-even day' rule is going to be implemented for a fortnight again. This is nothing but an inevitable consequence of unsustainable course of urban development followed over the decades. The mounting concern over 'Deonar' landfill right here in Mumbai is yet another such a consequence. We need to find answers to make our cities livable and sustainable," Naidu said at the inaugural session of the BRICS Friendship Cities Conclave 2016 in Mumbai.
While talking about the government's vision of 'Housing For All by 2022', Naidu added that guidelines for the same have also been finalized and states have been given the powers for approving these projects. Financial sanctions, however, will come from central government and the minister expects this programme also to gather momentum soon.
The government recently revised building bye-laws for Delhi 2016 with an objective to boost ease of doing business in the capital. The new 2016 bye-laws also integrate environmental clearances with the building sanctioning process, reduce in number of documents for building permits and completion and occupancy certificates and provide for green buildings. "Building bye laws need to be changed, Mumbai also have similar bye laws soon," Naidu said.
According to Maharashtra Chief Minister Devendra Fadnavis, the state government body the City and Industrial Development Corporation of Maharashtra (CIDCO) is working on urban agglomeration Navi Mumbai Airport Influence Notified Area (NAINA) spread over 600 sq km near Mumbai. "This city, larger than Mumbai, will house 22 smart cities in it. The first integrated development plan for the same is ready, while the second plan is under consideration," Fadanavis said.
The government is working on various programs based on integrated planning and holistic development of urban areas through Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Swachh Bharat Mission and Heritage City Development Mission (HRIDAY).
According to Naidu, these new missions enable a total investment of around Rs 18 lakh crores by the year 2022 in urban areas in developing basic infrastructure in 500 cities with a population of above one lakh each, core infrastructure in 100 smart cities and construction of 2 crore houses for urban poor in all the 4,041 statutory cities and towns.
SOURCE: ETRealty.com
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