LS-REALESTATE 2

first_imgThe Bill has been scrutinised by a Select Committee ofThe Bill has been scrutinised by a Select Committee of the Rajya Sabha.Allaying concern of the industry, Naidu said the provision of imprisonment in the bill was certainly not the first but the last option.He said in the development of housing sector, development and environment must go together as we cannot afford to cause damage to the nature.The minister the Bill also provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for any violation of orders of Appellate Tribunals or monetary penalties or both. Naidu said it proposed that a minimum of 70 per cent collections from buyers should be deposited in separate escrow account to cover cost of construction and land.Initiating the debate, K C Venugopal (Cong) said he is happy that Naidu admitted that the bill is the baby of the UPA government. He said Finance Minister Arun Jaitley had mocked the Congress on the issue.He lamented that amendments moved by the opposition in the Lok Sabha are ignored by the government but it agrees to the ones moved in the Rajya Sabha. He said it was against healthy democracy.He said the bill is the need of the hour to help the poor get housing.But he cautioned that the central legislation and the laws enacted by various states should not be inconsistent with each other. (MORE) PTI SPG NAB SPG AKKadvertisementlast_img read more