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Central Goverment Prepares to Overcome Shortcomings in Real Estate Regulations

Housing and Urban Affairs, Rural Development, Panchayati Raj and Drinking Water and Sanitation Minister Narendra Singh Tomar announced the commitment of the Prime Minister to achieve the goal of housing for all, by 2022, in all cases. At the same time, he assured the real estate sector that all the complaints related to policy will be resolved in such a way that they get complete satisfaction.

Addressing the NREDCO's 14th National Conference here today, the Minister said that the development of real estate and affordable housing is the collective responsibility of all stakeholders and therefore the government needs to improve policies to regulate this sector. The present government is fully committed to fulfill the dream of Prime Minister Modi's cheap homes and the government will not hesitate or play a lesser role in achieving this goal.

Tomar said that all the shortcomings and constraints in the development of the real estate sector have already been removed and it is a fact that the government has already implemented favorable regulations. In the past, it has also rejected all the hindrances in the development of this area which was constantly creating difficulties in the development of real estate and construction sector. All these changes will change in time to come and they will also see the effect.

He told the industry that with the new rules related to real estate, most states have started implementing new real estate rules. Registration for them is necessary for new projects and therefore, the real estate sector is also very prominent on these new changes.

The Minister said that the new norms are fair and beneficial in all respects for all stakeholders, and in this way the government expects that this sector will increase many times faster and generate a large number of new jobs.

Other members present on this occasion were Naresh Chairman Rajiv Talwar, NREDCO President Parveen Jain, Niranjan Hiranandani and other industry leaders.

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