Cong says Modi govt has diluted real estate bill

NEW DELHI: Congress on Wednesday slammed the Modi government's real estate bill as betrayal of home buyers, saying the safeguards in the UPA's draft were diluted which would make consumers vulnerable to cheating by builders and developers.
Party spokesperson Khushboo claimed that the bill being touted as a new deal for homebuyers was actually a gift to builders.
She said the UPA bill had two important provisions. One, making it mandatory for builders to deposit 70% of advance payments by buyers into a separate account which was to be used for that particular project only and, two, blacklisting of a developer in case of a second default.
Khushboo claimed that while the government brought down the dedicated amount for a project from 70% to 50%, it did away with blacklisting in case of default.
"BJP government has hit at the soul of the Real Estate Regulatory Authority Bill, 2013 by diluting this provision," she said.
"After having hit the poor -- landless labourers, marginal farmers and adivasis -- by forcing down draconian ordinances and reports, the Modi government has now drawn its dagger to hit the unsuspecting middle class by stealing its dream of a house," she added.