Govt taking steps to ensure low-cost housing for all: Naqvi

Government has been taking “strong and honest” steps to ensure low-cost housing and social security cover for every citizen, Union Minister Mukhtar Abbas Naqvi said here on Wednesday.

“Reform bills, such as the Real Estate (Regulation and Development) Amendment Bill, are essential for speedy economic development of the country. “This Bill will not only make real estate sector consumer-friendly, but also fulfil the target of ‘Housing for All’ by 2022,” the Union Minister of State for Parliamentary Affairs and Minority Affairs said.

The Real Estate (Regulation and Development) Bill 2015, approved by the Union Cabinet, is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects, he said after inaugurating Muthoot Homefin (India) Ltd division here.

The Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector, Naqvi said. “It will boost domestic and foreign investment in the real estate sector and help achieve the objective to provide ‘Housing for All’ by enhanced private participation,” he added.