The much awaited Real Estate (Regulation and Development) Bill, which has been envisaged as a landmark reform for the real estate sector, may finally arrive. The Bill was recently passed by both the Rajya Sabha and the Lok Sabha recently, and is awaiting the assent of the President, before it becomes a law. The Bill is expected to modify traditional practices and bring out a more professional approach amongst developers. With a focus on improving the transparency, governance and accountability in the sector, the law is expected to segregate the quality and time-focussed developers from casual operators.
The government appears to be working towards its promise to deliver its vision of ‘Housing for All’ by 2022 and propel growth in the realty sector. The Bill is the latest addition in the series of reforms introduced in the last couple of years, including the relaxation of Foreign Direct Investment (FDI) norms, introduction of 100 smart cities, direct and indirect tax benefits for affordable housing projects, Real Estate Investment Trusts (REITs), etc. to name a few, in addition to other reforms by several state governments.
© 2020 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.