The Real Estate (Regulation and Development) Bill 2013 has been introduced in the Rajya Sabha. Housing minister Girija Vyas said the bill seeks to establish the Real Estate Regulatory Authority to protect the interest of consumers in the real estate sector. Vyas also said the bill is for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, in an efficient and transparent manner.

World Bank to give India $100 mn loan for housing project

The World Bank has signed an agreement with the Indian government to provide a $100 million loan to help low-income families secure housing loans. “The Loan and Project Agreements for World Bank (IDA) assistance of $100 million for low-income housing finance project were signed between Government of India/National Housing Bank and the World Bank,” the finance ministry said in a release. The objective of the project is to provide access to sustainable housing finance for low-income households to purchase, build or upgrade their dwellings, it added. Financing under the project aims to create incentives for lenders to focus on lower-income households through a net all-in reduction of the lenders’ cost of funds of about 200-300 basis points.