Rajya Sabha passes long-awaited Bill to protect Homebuyers

The Rajya Sabha passed a landmark Real Estate Bill  with a promise to secure the interests of homebuyers and developers in equal measure and remove corruption and inefficiency from the sector.

This bill, passed with all the new recommendations that were cleared by the Union cabinet in December, will regulate both commercial and residential projects and set up state-level regulatory authorities to monitor real estate activity.

According Urban development minister M. Venkaiah Naidu told the upper house that real estate is the second largest employer in the country, after agriculture, and contributes 9% to the gross domestic product (GDP). Yet, the sector has been marked by a lack of trust and confidence between consumers and developers, which has had an adverse impact on investments in the sector.

Extra info:
  • The Rajya Sabha or Council of States is the upper house of the Parliament of India. Membership of Rajya Sabha is limited by the Constitution to a maximum of 250 members, and current laws have provision for 245 members.
  • The Rajya Sabha meets in continuous sessions, and unlike the Lok Sabha, the lower house of Parliament, is not subject to dissolution.

So lets do:

Who is the Rajya sabha speaker?
Who is the Urban development minister of india?

Source – The Hindu 


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