National
Bill for realty regulator gets Rajya Sabha nod
New Delhi: The real estate bill, proposing a real estate regulator designed to protect property buyers’ interests against unscrupulous promoters, was passed by India’s upper house on Thursday after the government accepted as many as 20 amendments to the legislation as proposed by a Rajya Sabha Select Committee.
The Real Estate Regulator (Regulation and Development) Bill, pending before parliament since 2013, proposes major reform of the country’s largely unregulated realty sector. Once it becomes law, the consumer will have access to a Real Estate Regulatory Authority for redressal in case of a grievance.
The bill will make it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the regulator for launching a project, in order to provide greater transparency in project-marketing and execution.
For failure to register, it proposes a penalty of up to 10 percent of the project cost or three years’ imprisonment.
By one of the amendments proposed, the project developer will have to put 70 percent of the money collected from a buyer in a separate account to meet the construction cost of the project.
A major benefit for consumers proposed is that builders will have to quote prices based on carpet area and not super built-up area, while carpet area has been clearly defined in the bill to include usable spaces like kitchen and toilets.
The bill has also introduced a new penal provision for allottees for failure to comply with orders of the regulator. Allottees would be penalised up to 5 percent of the apartment cost or a year in jail, or both, for defaulting on payment or any other violation.
“This bill is the need of the hour,” Urban Development Minister M. Venkaiah Naidu said while replying to the debate on it.
“It provides for grading of projects, grading of promoters, penalises for giving misleading advertisements,” the minister said.
“By creating a much-needed regulator for the sector at the state and central levels, this government has initiated the crucial first step to protect consumers from the prevalent opaque and fraudulent practices that have so far characterised this sector in India,” said independent member Rajeev Chandrasekhar, who was also member of the Select Committee that examined the bill.
“This bill ensures that strict regulations will be imposed on developers to ensure timely construction and delivery. It further provides that consumers are entitled to a full refund with interest, if there has been a long delay in the delivery of a flat,” he added.
“It is a first step and it will improve,” said former union minister Praful Patel of the NCP participating in the debate.
Complimenting the government for satisfying the long-pending demand for a real estate regulator, Ritabrata Banerjee of the CPI-M said the mass of small housing excluded by the paramters of the bill should also be brought within its ambit.
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
