India’s 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 three months, said M Venkaiah Naidu, Union Minister of Urban Development.
“The bill is in place and we are currently finalizing rules under this. This will be completed in the next three months and RERA will become a reality. We also have tenancy law under consideration now,” he said.
The first integrated development plan under this programme is ready, he said at a meeting of the first ever BRICS Friendship Cities Conclave in Mumbai.
The conclave has brought together representations from Brazil, Russia, India, China and South Africa, and it is the first initiative after India took over the BRICS presidency in February this year.
The conclave was aimed to provide a common platform for delegates to converge, connect and learn from the experiences of other cities.
Urban governance, safety of cities, transport, financing city infrastructure, sustainable and affordable housing are some of the topics for discussion at the conclave.