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Published: Monday, 14 March, 2016 10:00 AM
MBA aspirants must be updated with General Awareness on current affairs. General Awareness topics with analytically drawn conclusions will benefit you in XAT, IIFT, NMAT, SNAP ,CMAT, MAT, and later in Post exams screening Tests like WAT, GD & PI , Essay writing.
Read General Awareness Topic: Real Estate Bill – A Reformation
Though the real estate is not considered as one of the basic industries in India but it is indeed an important industry as it delivers one of the very basic needs of the people of the country i.e. housing.
Other sub sectors of the real estate include commercial development which includes retail, office spaces and hospitality. Rising income, increasing population, rapid urbanization, rural to urban migration, disintegration of joint families and economic growth etc are the major factors fuelling the growth of real estate in all its sub sectors.
According to the report ‘Indian Real Estate – Opening Doors’, prepared by KPMG and National Real Estate Developers Council (NAREDCO), around 10 million people in India migrate from rural to urban areas annually thus anticipating a huge growth potential in this sector. Real estate contributes 9% to the GDP. With more than 11% growth rate, the real estate market in India is expected to reach USD180 billion.
However, despite its potential, significance and role in nation building, the real estate was growing fairly unregulated and many malpractices slipped into the sector leaving mostly the consumer mostly receiving end. In fact, several reports suggest that most of the black money generated in India is parked in real estate thus inflating the cost of many projects. Because of this reason, it became more imminent for the government to introduce a law regulating the real estate sector.
A real estate regulator is more important than any other regulator like telecom regulator (TRAI) or insurance sector (IRDA) because most middle class people often invest all of their hard earned savings to buy a home.
On March 10, 2016, Rajya Sabha, the upper house of the Parliament, passed the much awaited Real Estate Bill and is slated to be passed in the Lok Sabha, the lower house of the Parliament on March 14, 2016. Salient features of the bill are as under –
This bill will indeed provide a structure to the much disorganized real estate sector which was growing haphazardly in accordance with the whims of developers and connivance of government authorities. The transparency and accountability introduced with bill will bring in the much needed regulation.
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