The Real Estate Regulation Bill, which will be tabled in the winter session of Parliament, will protect the interest of all stakeholders and streamline the sector, according to Navin M. Raheja, President of Naredco.
National Real Estate Development Council (NAREDCO), which is part of the Housing and Urban Development Ministry, is finalising the draft for guidelines for affordable housing guidelines.
Speaking at the two-day conference on ‘Indian realty—accelerating the growth story,’ Raheja said the Bill will protect interest of people, developers and also help check unscrupulous players in the sector.
"As an apex real estate council, we have also drafted guidelines for online fast integrated project clearance process. Once finalised, this will significantly streamline the clearance processes. Typically, it takes about two years for final approvals. This delays project implementation and jacks up project cost. All these will be addressed through the new system, he said.
Naredco today announced the opening up of the AP chapter coinciding with APREDA Show.
Prem Kumar, President of Andhra Pradesh Real Estate Developers Association, said that real estate sector contributes to about 8 per cent of the GDP and employs over 33 million people.
He called upon the Government to address the long pending demand of the sector to provide either infrastructure status or treat it like an industry.
Responding to the suggestions, Andhra Pradesh Chief Minister N. Kiran Kumar Reddy said the Government will provide all necessary support to the sector provided they serve the end consumer with passion.