Real Estate Bill-2016

Question: When did the Real Estate (Regulation & Development ) Bill, 2016 was passed in Rajya Sabha?
(a) 10 March 2016
(b)11 March 2016
(c) 8 March 2016
(d) 5 march 2016
Ans (a)
Related facts:

  • The Lok Sabha cleared the Real Estate (Regulation and Development) bill on 15 march 2016.
  • Earlier the bill was passed by the Rajya Sabha on March 10, 2016.
  • This Bill seeks to protect the interests of the large number of aspiring house buyers while at the same time enhancing the credibility of construction industry by promoting transparency, accountability and efficiency in execution of projects.
  • The Bill also seeks to put in place an effective regulatory mechanism for orderly growth of the sector which is the second largest employer after agriculture.
  • Over the years the sector has acquired a degree of notoriety which needs to be addressed to enable enhanced flow of investments, for which the Government has announced several incentives in the Budget for 2016-17 and earlier.
  • A total of 76,044 companies are involved in real estate sector including 17,431 in Delhi only.
  • The real estate sector contributed about 9% GDP between 2011 and 2015.
  • New projects in the range of 2,349 to 4,488 were launched every year amounting to a total of 17,526 projects with investment value of Rs.13.70 lakh cr in 27 cities including 15 state capitals.
  • According to industry information, about 10 lakh buyers invest every year to own a house of their own.
  • The Minister M. Venkaiah Naidu said that the Real Estate Bill,2016 enables the people meet their genuine aspirations of owning a house under Prime Minister’s Awas Yojana.
  • Government intends to enable construction of 2 crore houses by the year 2022 under Prime Minister’s Awas Yojana (Urban).

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=137710
http://pib.nic.in/newsite/PrintRelease.aspx?relid=137670