Urban Development Minister M Venkaiah Naidu today said he was confident that each state would be able to set up its regulator for the real estate sector within a year as envisaged in the Bill passed by Parliament.
The ministry is working on the rules which need to framed for the Real Estate Bill within three months and then it will be circulated to the states.
“My department is now internally discussing the rules which need to be framed within three months. Then it has to communicated to the states and then each state has to set up a regulator.
“I am confident about achieving the time-frame given in the Bill itself or even before the time-frame. I am actively pursuing it. It will be before one year,” he said during an interaction with journalists at Indian Womens Press Corps.
The Real Estate (Regulation and Development) Bill, 2015, seeking to regulate the real estate sector, bring transparency and help protect consumer interests was passed last month in Parliament in the first leg of the Budget session.
It will help establish state-level Real Estate Regulatory Authorities (RERAs) to regulate transactions related to both residential and commercial projects and ensure their timely completion and handover, Naidu had said in Parliament.
He said today that the government had recently released a set of building by-laws which empower urban local bodies to grant building permissions.
“Things are moving fast. Recently urban building bye-laws were released. Somebody told me its revolutionary since for 105sq.m area, you need not get the land approved by anybody and dont have to wait for permission to start construction,” he said.