Affordable Housing
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Hardeep Singh Puri, the Union Minister for Housing and Urban Affairs shared the information about fastening the work under PMAY Scheme i.e. Pradhan Mantri Awas Yojana for the sanctioning of 1.12 crore houses by March 2020.

Minister informed that speeding up work while speaking at the 15th annual convention of NAREDCO.

Till now, nearly 84 lakh housing units are sanctioned in urban areas of the country and in total 1 crore dwelling units have to be approved across the country by this year-end. The remaining 12 lakh housing units will be approved between January and March next year.

For the timely completion of the PMAY scheme, approximately 24 lakh dwelling units are already offered to the beneficiaries. The figure of grounded homes and offered homes is likely to touch 75 lakh and more than 50 lakh respectively.

The MoHUA minister also talked about the exclusion of several asymmetries in the RERA Act and also said that flaws in the current Act will be rectified soon. Some changes will be introduced to the RERA law for the betterment of the Indian real estate sector.

Prior to this, while attending an event organized by industry chamber PHDCCI, KK Khandelwal, the Gurugram RERA chief urged India Inc to offer suggestions to the Government so that necessary amendments can be made to the law better for both the developers and the homebuyers.

He feels that in the current situation stipulations and provisions of RERA Act have multiple loopholes that are required to be fixed.

Khandelwal said, in its current format, several sections and sub-sections including clauses and sub-clauses of the RERA Act are contradictory and therefore, open for many legal interpretations as well interpretations of real estate regulatory authorities of different States and therefore, amendment to them are called for to make sure that all stakeholders in the real estate and construction sector get a fair deal and the intended growth of the sector is ensured.

Balvinder Kumar, Member, UPRERA was also present in the event informed about receiving 70,000 complaints from home buyers against the developers and all these complaints are related to delay in possession.