The government has expressed hope that Real Estate Regulatory Bill would be discussed and approved in the ongoing budget session of Parliament, Urban Development Minister Venkaiah Naidu said.
On the concerns raised by some members whether the Centre had a right to legislate on real estate which fell in the domain of the states, he said it had received Attorney General’s legal advice that it is in the concurrent list and could be legislated upon.
Naidu said the legislation would not encroach upon the rights of the states. The passage of the bill is essential to protect the interests of the buyers and sellers, the Minister said.
The Union Cabinet had in December 2015 cleared 20 amendments to the bill which seeks to regulate transactions between buyers and promoters of residential real estate projects by establishing state-level regulatory authorities.
Observing that there would be no licensing of the real estates, Naidu said the Bill was referred to the Standing Committee and then the Rajya Sabha had sent it to the Select Committee and was now pending before Parliament.
In reply to a query whether the government is planning to make real estate licensing online, Naidu said there were no such plans.