Tuesday, Jul 7 2020 | Time 02:49 Hrs(IST)

Real estate sector one of the most pivotal sector of Indian economy.

Real estate sector one of the most pivotal sector of Indian economy.

By Biswamoy Mukherjee

Kolkata, Dec 20 (UNI) The Real estate sector is one of the most pivotal sectors of Indian economy as it plays a vital role in employment generation in India.

It ranks second just behind agriculture. The importance of Real estate sector can be understood with its average 5-6 per cent GDP contribution and stimulating demand for more than 250 ancillary industries.

After missing the centre’s deadline, the West Bengal Housing Industry Regulation Bill 2017 has finally been passed by the state assembly and aims to have a housing regulator in place within 60 days

West Bengal Government, in an effort to provide a transparent policy in the housing sector, thereby protecting the interest of the buyers, has passed The West Bengal Housing Industry Regulation Bill, 2017.

The Bill was passed on August 17 in the state assembly. The step was taken after considering the need for quality and affordable housing in the real estate sector.

It must be mentioned that Chief Minister Mamata Banerjee has given a clear instruction to ensure that the interests of buyers are given the highest priority, and the law has been framed keeping this in mind.

Within a period of one year after the Bill turns into an Act, the State Government will establish the West Bengal Housing Industry Regulatory Authority (WBHIRA) to exercise the powers conferred on it.


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