By IANS,
New Delhi : The real estate regulator bill, to be tabled in the coming winter session of parliament, will improve governance and transparency in the sector, union Housing and Urban Poverty Alleviation Minister Kumari Selja said Friday.
“The bill would establish a regulatory oversight mechanism to enforce disclosure, fair practices and hence improve governance and transparency in the real estate sector,” said Selja, while inaugurating Realcon 2011, a conference and exposition on real estate and construction organised by the Confederation of Indian Industry.
Envisaging the need for affordable housing, the minister said that by the end of this year, the housing shortage is expected to be more than 26 million, with main causes being lack of developed land, lack of availability of credit and increasing cost of construction.
Addressing these issues is the new Rajiv Awas Yojana (RAY), she said. According to the minister, RAY envisions an inclusive and equitable urban India, and review all the impediments in supply of developed serviced lands and delays in the approval process.
It will also motivate state governments for removing or easing these impediments.
Selja also said that the central government would soon launch a credit guarantee fund, under RAY, which is at the final stages.
The plan would promote private sector engagement in creation if affordable housing stock, by incentivising private sector and granting addition density along with reduction of various charges on construction of affordable housing.
Selja also appealed to the real estate industry to come forward to build cost effective technologies and solutions for affordable housing as well as help in skill development in the sector.
According to Anshuman Magazine, chairman, REALCON 2011 and chairman and managing director, CB Richard Ellis South Asia Pvt Ltd, the real estate sector in India has seen increased business opportunities.
This calls for rapid increase in demand for office, commercial and industrial space, as well as for bigger homes, now considered within the range of India’s prospering working classes.
Highlighting the need affordable yet sustainable projects, Magazine said that with 93 million people living in slums, it is a large opportunity for low cost housing.