Four months after the select committee of Rajya Sabha tabled its report on the proposed legislation to regulate real estate transactions, the Cabinet is likely to take up the issue Wednesday.
The Real Estate (Regulation and Development) Bill 2015 is one of the key legislation listed for consideration and passage in Rajya Sabha in the ongoing Winter Session. However, it can’t be placed before the Upper House unless the Cabinet approves its amended draft.
Sources said a Cabinet note on the amended draft of the Bill was sent as early as August 20. “Since then, it was kept in abeyance as there has been intense lobbying by those in the real estate sector, who are opposed to the idea of regulation,” sources said. The legislation provides for setting up a Regulatory Authority and a quasi-judicial Appellate Tribunal as the two tier-dispute resolution mechanism to rectify the currently lopsided builder-buyer equation.
Over the past few days, the government has been under pressure from consumer groups rooting for its passage. About 39 such groups have come together under the banner of ‘Fight for RERA’. Last week, its representatives met Union Housing and Parliamentary Affairs Minister Venkaiah Naidu to push for the Bill’s passage in this Session. Last week, the group made representations before Congress’ Mallikarjun Kharge, Ghulam Nabi Azad, Anand Sharma, several senior MPs from other parties and senior PMO officials.