Real Estate Regulation Bill will be Considered for Cabinet Discussion shortly: Naidu

The Real Estate Regulation Bill which has received the nod from the Parliament Select Committee will be posed to the Cabinet shortly, said Minister of Urban Development, Venkaiah Naidu.

“I propose to table it in the next session of Parliament,” he added.

Naidu was addressing FICCI’s Smart Cities Summit 2015 on the theme ‘100 Smart Cities: Mission Transform-Nation’.

The government is already in the process of accelerating reforms and transforming India. A number of crucial Bills including that for introduction of GST, raising FDI limit in insurance and enhancing employment generation (through amendments in Factories Act and Apprentices Act) are expected to be taken up for approval in the next session of Parliament. These Bills are important from the perspective of spurring growth and employment, which is necessary for faster poverty reduction.

The minister further said, “We have given time till December 15 this year to urban local bodies to submit their city level Smart City Plans. These plans will be evaluated in the second stage of City Challenge Competition for picking up the first batch of 20 cities based on rankings for financing during this financial year. We would like to announce these 20 selected cities based on merit alone in January and release funds.”

He said that making smart cities is more than providing business and investment opportunities and required infrastructure. It is all about changing the ways of our thinking and acting for building cities that are for the people.

“We need cities that can sustain themselves through judicious use of precious and scarce natural resources ensuring ecological equilibrium. The task of building smart cities is no doubt challenging but can be achieved if all stakeholders rise to the occasion with innovative thinking, planning and execution,” he said and added that next year 40 cities would be selected on the similar lines, followed by another 40 cities in the subsequent year.

Naidu said, “We in the Government are doing everything that we need to do. It is now time for industrial and trade bodies like FICCI and others to do your bit in the larger interest of our country.”

He stated, “The Smart City Mission has generated as much interest abroad as in our country. Global companies from a large number of foreign countries have participated in the bidding process for selection of these consultants.”