The Real Estate (Regulation and Development) Bill, 2013

The Real Estate (Regulation and Development) Bill, 2013

The Union Cabinet chaired by the Hon’ble Prime Minister, Shri Narendra Modi, has given its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013. The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The Bill provides for a uniform regulatory environment, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.

The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.

The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.

The salient features of the Bill are as under :

The Real Estate (Regulation and Development) Bill, 2013

Made in India Policy Part II

Make in India Policy – Part II

The need to raise the global competitiveness of the Indian manufacturing sector is imperative for the country’s long term-growth. The National Manufacturing Policy is by far the most comprehensive and significant policy initiative taken by the Government. The policy is the first of its kind for the manufacturing sector as it addresses areas of regulation, infrastructure, skill development, technology, availability of finance, exit mechanism and other pertinent factors related to the growth of the sector. The aim is to create 100 million additional jobs by 2022 in manufacturing sector. Creation of appropriate skill sets among rural migrants and the urban poor for inclusive growth. There is an increase in domestic value addition and technological depth in manufacturing. There is a need to enhance the global competitiveness of the Indian manufacturing sector. There exists a need to ensure sustainable growth, particularly with regard to environment.

The focus is on promoting employment-intensive industries like textiles and garments, leather and footwear, gems and jewellery and food processing industries. Capital goods industries like machine tools, heavy electrical equipment, heavy transport, earthmoving & mining equipment. Industries with strategic significance like aerospace, shipping, IT hardware & electronics, telecommunication equipment, defense equipment and solar energy are being focused on. Industries where India enjoys a competitive advantage such as automobiles, pharmaceuticals & medical equipment are further being improved.

The National Investment and Manufacturing Zones are being conceived as giant industrial greenfield townships to promote world-class manufacturing activities. The central government will be responsible for bearing the cost of master planning, improving/providing external physical infrastructure linkages including rail, road, ports, airports and telecom, providing institutional infrastructure for productivity, skill development and the promotion of domestic and global investments.

State governments will be responsible for water requirement, power connectivity, physical infrastructure, utility linkages, environmental impact studies and bearing the cost of resettlement and rehabilitation packages for the owners of acquired land. The state government will also play a role in its acquisition if necessary. In government, purchase preferences will be given to units in the national investment and manufacturing zones. Central & State governments to provide exemptions from rules and regulations related to labour, environment etc. subject to the fulfilment of certain conditions.

The Make in India policy intends to leverage the existing incentives/schemes of government. A technology acquisition and development fund has been proposed for the acquisition of appropriate technologies, the creation of a patent pool and the development of domestic manufacturing of equipment used for controlling pollution and reducing energy consumption. There are incentives for the production of equipment/machines/devices for controlling pollution, reducing energy consumption and water conservation. The policy will also consider use of public procurement with stipulation of local value addition in specified sectors. These include areas of critical technologies such as solar energy equipment, electronic hardware, fuel efficient transport equipment, IT based security systems, power, roads & highways, railways, aviation and ports. In conclusion we can truly say there’s never been a better time to make in India.