Lok Sabha passes Vote on Account, Real Estate Bill likely Tuesday
New Delhi: Lok Sabha on Monday approved the Vote on Account and Bureau of Indian Standards Bill even as the Real Estate Bill was deferred after a lengthy debate on the Budget for FY17.
The Vote on Account will allow the government to carry out expenditure from the Consolidated Fund of India till the Finance Bill and Budget is passed by the Parliament.
The Real Estate Bill, which was approved by the Rajya Sabha last week, could not be taken up due to paucity of time. It may be taken up on Tuesday.
The Lower House passed yet another legislation that aims to fortify consumer interest. The Bill allows the central government to make it mandatory for certain notified goods, articles and processes to carry the standard (BIS) mark.
Lack of time also prevented the Upper House to take take up for approval the Whistle Blowers Protection (Amendment) Bill that aims to curbing graft by providing a mechanism for receiving and inquiring into public interest disclosures against acts of corruption, willful misuse of power or discretion, or criminal offences by public servants.
Last week, the Lok Sabha passed the Aadhaar Bill as a money Bill. It will be taken up for discussion and returned by the Rajya Sabha.
The Rajya Sabha approved the Real Estate (Regulation and Development) Bill after Opposition parties lend support to the crucial legislative reform including setting up of real estate regulators across states. Since BJP has an overwhelming majority in the Lok Sabha, the Real Estate Bill won't face any problem in the passage.
Prime Minister Narendra Modi welcomed the passage of Real Estate Bill saying it is great news for aspiring house buyers. "It will transform the real estate sector. Effective regulatory mechanism will lead to orderly growth of the sector & give a strong impetus to our vision of 'Housing for All'. Real Estate Bill fully ensures more transparency, accountability & efficiency in real estate sector, freeing it from many existing flaws," he said.
After the passage of the Bill, it will be mandatory to deposit 70 per cent of the homebuyers' money into a separate bank account and must only be used for construction of that project. The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector.
Finance Minister Arum Jailed will take up the GST Bill and Insolvency and Bankruptcy Code in the second half of the Budget session.