Union Minister Mukhtar Abbas Naqvi said the Real Estate (Regulation and Development) Bill 2015, approved by the Union Cabinet, is a pioneering initiative to protect the interest of consumers.
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 in Mumbai today.
"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 in Mumbai.
The Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector, Mr 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.
Speaking about the Goods and Services Tax (GST), he said it is a historic step in tax reform and would immediately convert India into a one big uniform market, which will benefit all stakeholders.
GST has the potential to push India's GDP by one to two per cent, Mr Naqvi said, adding, "Besides bringing much-needed transparency in taxation, it will benefit the Centre and the states equally."
"GST will simplify the indirect tax regime in the country and is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally," he said.
The Modi-led government has launched ambitious schemes such as 'Smart Cities Mission' and 'Atal Mission for Rejuvenation and Urban Transformation (AMRUT)', setting in motion the process of urban transformation to enable better living and drive economic growth, he said.
"There is a need to provide all basic amenities in urban areas. 'Smart City Mission' will not only improve living standard of the people but also attract investment," he said.
The Union Cabinet has approved the Smart Cities Mission and the transformation of 500 cities under AMRUT, with outlays of Rs 48,000 crore and Rs 50,000 crore respectively, he said.
This mission of building 100 smart cities intends to promote adoption of smart solutions for efficient use of available assets, resources and infrastructure with the objective of enhancing the quality of urban life and providing a clean and sustainable environment, he said, adding about 476 cities have been identified under AMRUT.
The opposition should keep politics aside and cooperate with the government on Bills relating to the nation's progress, Mr Naqvi said.
The government is committed to socio-economic-educational empowerment of all and the 'Jan Dhan Yojana' is an important part in this regard, he said.
Under the scheme, about 19.72 crore bank accounts have been opened, which is a world record, and Rs 28,699.65 crore have been deposited in these accounts, while about 11 crore people were included under social security cover, he said.
"Good governance is our commitment, prosperity of the country is our motive. We will move forward tirelessly to achieve this aim and will fulfil the dream of providing roti-kapda-makaan (food-clothing-shelter) even to the last needy person of the society," the minister said.