Mumbai: Union minister of urban development Venkaiah Naidu on Friday said the government is confident that both real estate and goods and services tax (GST) bills will be passed in the coming budget session.
Speaking at information technology (IT) industry lobby Nasscom’s 24th annual event in Mumbai, Naidu said the Real Estate (Regulation and Development) Bill, 2015, is essential to bring transparency and in ensuring that “consumers are not taken for a ride".
“We’re going to take housing in a major way. We’re bringing real estate development regulator through the real estate development and regulation bill... I’m sure the bill will get Parliament nod in the coming session," Naidu said at a session attended by many corporate leaders and technology heads of companies.
“In a democracy, you’ve to take care of the will of the people and that’s why this bill is coming," Naidu said.
On 8 December 2015, the Union cabinet approved the much delayed and anticipated Real Estate bill.
The bill envisages the creation of a regulator for the real estate sector who is empowered to penalise and prosecute errant developers. The move is expected to restore consumer confidence in real estate, potentially triggering a revival in the sector.
Naidu said the government is hopeful that the politically sensitive GST bill will also go through in the upcoming Parliament session.
“I’m definitely confident and optimistic the GST will get approval from Parliament. We’ve spent and wasted enough time on it. They (Congress) have raised certain issues which they did not raise when they brought the bill in 2008. We’re trying to address them, but certain things are impossible," Naidu told reporters on the sidelines of the Nasscom event.
Gross domestic product growth will be boosted 1.5 to 2 percentage points because of GST and no state is opposed to the bill, he added.