In May last year, the government's bid to pass the bill was thwarted by a united opposition. (File photo)
After positive signs from the Congress, the largest party in the Rajya Sabha, the government has put the real estate bill on the fast track.
The urgency is reflected by the government's move to get the bill listed on the Rajya Sabha as early as on Tuesday. Top sources in the government said, "There are bills already awaiting consideration and passing in the Rajya Sabha...But, if the opposition led by the Congress agrees, the government is ready to push the real estate bill before other bills."
On Monday, Urban Development Minister M Venkiah Naidu struck a confident note when he said, "During this budget session of Parliament, the Real Estate Bill will become a reality."
In May last year, the government's bid to pass the bill was thwarted by a united opposition. Facing unbeatable opposition numbers, the government reluctantly moved a motion to send the bill to a select committee - an ad hoc house panel set up with a single agenda. The panel submitted its report on July 30, last year.
Last week, the Congress wrote to Prime Minister Narendra Modi and Mr Naidu, asking them to pursue the bill in the first leg of the Budget session of Parliament. But, the party sent out an even stronger signal last week when its vice president, Rahul Gandhi, assured a group of homebuyers that the Congress will support the bill.
The Real Estate (Regulation and Development) Bill was introduced in Rajya Sabha in 2013. In December, the Union cabinet approved 20 major amendments to the bill that seeks to protect home buyers as well as help boost investments in the real estate industry.
Under the proposed law, projects on at least 500 sq metres of area or with eight flats will have to be registered with the proposed regulatory authority.
Builders will have to deposit at least 70 per cent of the sales proceeds, including land cost, in an escrow account to meet construction cost, compared with the earlier proposal for 50 per cent or less. Also, builders will have to pay interest to home buyers for delays and be liable for structural defects for five years, instead of two years earlier.