Congress MPs in parliament panel want plots of all sizes under new real estate law

NEW DELHI: Congress members in the parliamentary joint committee looking into the changes in the Real Estate Bill have demanded that all projects irrespective of size should be brought under the proposed law. This view in the form of dissent note by Congress has surprised many, as even the original bill that UPA government had brought to the Parliament had the provision that all projects could register with the regulator only if these were developed on plots measuring more than 1,000 sq meters.

Sources said the committee has finalized the recommendation to bring all projects built over 500 sq meters or at least eight flats under the ambit of the proposed law. The recommendations are likely to be submitted to the Parliament on Thursday.

It is also learnt that most of the members are in favour of doing away with provision of treating “bulk buyer” as developers since this may put a brake on the investment flow to the real estate sector. As per the present provision, anyone buying more than four flats in a project is treated as a promoter. However, to find a solution to this trend of a few buying more flats and having monopoly in management of affairs, the committee is recommending that all such buyers will get “one voting right” like that of other buyers.

Sources said members from AIADMK and Samajwadi Party have recorded their dissent arguing that Centre has no right to make laws on real estate as this is a state subject.

Article source: http://timesofindia.indiatimes.com/india/Congress-MPs-in-parliament-panel-want-plots-of-all-sizes-under-new-real-estate-law/articleshow/48278005.cms

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