Changes in Foreign Investment Rules

New Delhi : During his last visit to Germany in April 2015, Hon. Prime Minister apprised the German companies that the regulatory regime in India is much more transparent, responsive and stable. Lots of efforts have been made and are still underway to improve the Ease of Doing business in the Country. Steps have been taken to open up more FDI in key areas like insurance, construction, defence, railways and medical devices. Procedures are being simplified and digital technology is being used to eliminate multiple approvals. A predictable, stable and competitive tax regime is being built. 

FDI policy is reviewed on an ongoing basis, with a view to making it more investor-friendly. Significant changes are made in the FDI policy regime, from time to time, to ensure that India remains an increasingly attractive investment destination. 

As per the extant FDI policy, any non-resident entity can invest in India, subject to the FDI Policy except in those sectors/ activities which are prohibited. However, a citizen of Bangladesh or an entity incorporated in Bangladesh can invest only under the Government route. Further, a citizen of Pakistan or an entity incorporated in Pakistan can invest, only under the Government route, in sectors/ activities other than defence, space and atomic energy and sectors/ activities prohibited for foreign investment. 

This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today. 

Media Statement by the President of India upon the conclusion of his state visit to Papua New Guinea and New Zealand en route from Auckland to New Delhi

Following is the full text of the statement to media by the President of India, Shri Pranab Mukherjee upon the conclusion of his State visit to Papua New Guinea and New Zealand (from April 28 to May 02, 2016). The statement was made on board the aircraft during the President’s return to New Delhi from Auckland, New Zealand today (May 02, 2016): 

“I have just concluded successful State visits to Papua New Guinea and New Zealand from April 28 to May 2, 2016. My delegation included Dr. Sanjeev Kumar Balyan, Minister of State for Agriculture and Farmers’ Welfare. Three Members of Parliament representing major political parties, namely Shri Pratap Singh Bajwa, MP, Rajya Sabha, Dr. K. Hari Babu, MP, Lok Sabha and Shri Ram Swaroop Sharma, MP, Lok Sabha and senior officials of Rashtrapati Bhawan and MEA were also part of my delegation. 

My State Visits to Papua New Guinea and New Zealand were the first ever visits by an Indian President. They sought to take forward the Government’s ‘Act East’ policy. My visits to these two countries reflect the importance that India places on significantly enhancing our relationships with the Asia-Pacific region which is an extension of our immediate neighbourhood. 

Our relations with Papua New Guinea have always been warm and friendly. This was the first high level visit by any political leader from India to Papua New Guinea since its independence in 1975. I was touched by the warmth of the welcome I received from the leadership of Papua New Guinea as well as the common people who greeted me wherever I went. 

I had useful meetings with the entire leadership of Papua New Guinea including Governor General Grand Chief Sir Michael Ogio, Prime Minister Peter O’Neill and his Cabinet colleagues. I also interacted with Leader of the Opposition Mr. Don Polye and Mr. Sasindran Muthuvel, Governor of West New Britain province, who is of Indian Origin. 

I conveyed in my meetings India’s willingness to contribute to capacity building in Papua New Guinea in the fields of agriculture, health, information technology and infrastructure development. I pointed out that India learned from our own colonial experience the critical need to develop its own capacity and not rely on others. As a result, we transformed ourselves from a country dependent on food aid from abroad to one of the largest producers of food grains in the world and a net food exporter. I conveyed that we would be happy to share our capabilities and expertise with Papua New Guinea which, despite considerable arable land and plentiful fresh water remains a net importer of food. This was warmly welcomed by the leadership of Papua New Guinea. 

Papua New Guinea is a country rich in minerals, petroleum and natural gas. During my discussions, Indian investment in upstream and downstream projects in the field of petroleum and natural gas were welcomed by the leadership of Papua New Guinea. I reiterated our offer for coastal surveillance radars, patrol craft and training for maritime coast guard authorities that had been made during FIPIC-2 Summit. 

Three MOUs on Cooperation in the Health Sector, Agriculture and for setting up of a Center for Excellence in IT were signed by the Governments of the two countries. An agreement for US$ 100 million Line of Credit for infrastructure development in Papua New Guinea was also signed between EXIM Bank and its counterpart. I announced that Government of India would provide drugs and equipment for treatment of 20,000 HIV patients in Papua New Guinea for a period of one year. 

Papua New Guinea reiterated its support for India’s Permanent Membership of the UN Security Council. It also expressed support for India’s Membership of APEC. The Government of Papua New Guinea, in a special gesture, announced Visa on Arrival for Indians travelling to Papua New Guinea. This will help boost tourism and business links between our two countries. Leaders of Papua New Guinea deeply appreciated the role played by the Indian community in the development of Papua New Guinea as well as our initiative in organizing two FIPIC Summits. 

I addressed a meeting of the PNG Business Council and launched the PNG-India Chamber of Commerce. I also delivered a talk to the faculty and students of the University of Papua New Guinea and laid a wreath at the Bomana War Cemetery. Over 600 Indian soldiers who fought in the Second World War lie buried in Papua New Guinea. Their contribution for the freedom of Papua New Guinea was acknowledged by its leadership with gratitude. 

My visit to New Zealand was also the first by any President of India. For me personally, this was a second visit. I led the Indian delegation to the 14thCommonwealth Heads of Government Summit in 1995 as External Affairs Minister in the Government led by Prime Minister P. V. Narasimha Rao. 

India has much in common with New Zealand including similarity of political systems, strong commitment to democracy and human values, the fact that we are open and rapidly growing economies, English language and passion for cricket among others. New Zealand is home to a large community of Indian origin who are well integrated into New Zealand society and who are contributing immensely to their adopted home. New Zealand has prioritised its relations with India and seeks to make India a core trade, economic and political partner. 

I had substantive meetings with Governor General Jerry Mateparae and Prime Minister John Key. Both underlined the importance New Zealand placed on its relations with India and the commonality in world view that we share. They reiterated New Zealand's support for India's candidature for permanent membership of the expanded UN Security Council. We agreed on the need for urgent reform of the UN and other international organisations which do not reflect the world of today. We recognised the immense potential for taking our economic cooperation to a much higher level. Given New Zealand's strengths, I emphasised that she could be a partner in our programmes for skills development, Make in India, Digital India, Smart Cities etc. as well as in the fields of agriculture, food processing and in disaster management. We also discussed and appreciated our respective engagements with the Pacific Island countries – India in FIPIC and New Zealand through the Pacific Island Forum, in which we are a dialogue partner. I conveyed India’s willingness to work towards an early conclusion of an FTA keeping in mind the need to find a satisfactory resolution of our mutual concerns. 

The leadership of New Zealand emphasised that they consider India a vital part of the Asia Pacific and would like to partner us in diverse fields. They were highly appreciative of India's Act East policy. I on my part lauded New Zealand's positive contribution as a current member of the UN Security Council. 

During my visit, an Air Services Agreement was signed. This is a long awaited development which will address to an extent connectivity issues between the two countries. An MoU on an ICCR Chair of Indian Studies in the University of Victoria was also signed. The New Zealand Government announced a new scholarship scheme for Indian students, who constitute the fastest growing group of international students in the country. I addressed students and faculty of the Auckland University of Technology and invited academicians from the universities of New Zealand to participate in the next Festival of Innovation which will be held in March 2017 at Rashtrapati Bhawan. I also addressed business leaders and the Indian community in New Zealand during the visit. I invited New Zealand businesses to participate in India's growth story and avail of the significant opportunities presented by Government of India's flagship initiatives. 

I met former Governor General of New Zealand and a Pravasi Bharatiya Samman awardee, Sir Anand Satyanand, and three Members of the New Zealand Parliament who are persons of Indian origin. It is to the credit of the community as well as the host nation that they have been so well integrated and have contributed substantially to the progress and prosperity of New Zealand. 

In conclusion, my State Visit to these countries have provided new momentum to our foreign policy towards the Asia-Pacific region. We must continue to proactively reach out to our friends such as Papua New Guinea and New Zealand as well as others in the region. These countries may be geographically distant but the warmth and friendship they display is tremendous. There exists great potential for mutual benefit if we can nurture and strengthen these bonds through high level political visits, determined follow up of agreements reached and consistent efforts to promote economic, trade, cultural and people to people links. The Government will in the coming days take necessary steps in pursuit of this goal”.

India ready to clear USD 6.5 billion of Iran's oil dues

New Delhi, May 1 (PTI) Keen to step up engagement in hydrocarbon sector with Iran, India has conveyed to the Persian Gulf nation that it was ready to clear nearly USD 6.5 billion of the dues for oil import from that country at the earliest, provided there was clarity on payment channel.

The message has been conveyed to Iran even as Prime Minister Narendra Modi is likely to visit the oil-rich country later this month.

Government sources said there has been a series of discussions at various levels both in Tehran and here and both sides were confident of resolving the issue soon.

"We are working on clearing the dues to Iran and are hopeful that the issue will be resolved soon," they said.

Following lifting of sanctions against it in January under a historic nuclear deal, Iran had terminated a three-year-old system with India of getting paid for half of the oil dues in rupees and has been insisting on being paid in Euros for the oil it sells to Indian refiners.

It has also scrapped free delivery of crude oil to Indian refiners.

Officials said though Western sanctions against Iran were lifted, problems persist in banking channels due to which regular transactions were not possible yet.

Refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe nearly USD 6.5 billion in dues to Iran.

Since February 2013, Indian refiners like Essar Oil and MRPL paid 45 per cent of their import bill in rupees to UCO Bank account of Iranian oil company.

The remaining has been accumulating, pending finalisation of a payment mechanism.

Petroleum Minister Dharmendra Pradhan and External Affairs Minister Sushma Swaraj had visited Iran last month during which they had conveyed to Iranian leaders that India wants to significantly ramp up engagement in oil and gas sector with that country.

The issue of the pending dues had also figured in the meetings.

Swaraj during her visit had conveyed to Iranian leadership that India wants to invest in joint ventures in oil and gas sectors in the Persian Gulf nation where foreign investors from major economic powers are rushing in to get early footholds after lifting of sanctions.

Following lifting of sanctions against Iran, India has been eying deeper energy ties with that country and has already lined up USD 20 billion as investment in oil and gas as well as petrochemical and fertiliser projects there.

New Delhi is looking to increase engagement with the sanction-free Iran by raising oil imports and possible shipments of natural gas. It also wants rights to develop Farzad-B gas field in the Persian Gulf discovered by OVL.

A deal for the field was not signed during Pradhan's visit as Iranian Parliament, Majlis, is yet to approve the new Iran Petroleum Contract (IPC) under which the Farzad-B field is to be given to the OVL-led consortium. .

Harish Rawat accepts his 'presence' in sting CD

Dehradun, May 1 (PTI) Deposed Uttarakhand Chief Minister Harish Rawat, who had so far been insisting the sting CD of him was "fake", today virtually accepted his presence in the video.

He, however, said meeting a journalist was not a crime.

"Is meeting a journalist a crime? If one of the MLAs who had not been technically disqualified by that time talked to me ... how does it matter? Do we block any channels in politics?" Rawat told reporters here on the sidelines of a programme.

Claiming innocence, Rawat said if the CD contained evidence of him having made an offer in cash or kind in exchange for the support of disgruntled MLAs he was ready to be hanged in public.

"If any evidence is found against me like me offering money or post to anybody, hang me at Clock tower," he said.

Clock tower is a busy chowk in the heart of the town.

However, from what the deposed chief minister said it was clear that a meeting did take place between him and the journalist who made the sting CD.

It is significant as Rawat had so far been challenging the veracity of the CD, calling it "fake".

"Why should anyone spend Rs 15 crore for me. The man (journalist) was saying something meaningless to while away my time and I said something to while away his. How does it matter? We keep saying things like this on a daily basis. Does that mean they should be used against us?" Rawat said.

The sting CD made by the editor-in-chief of a private news channel and circulated by the nine Congress rebels, who created a political crisis in the state by siding with opposition BJP in the state Assembly, purportedly shows Rawat negotiating a money deal with the journalist to buy the support of MLAs who had revolted against him.

PM in Varanasi

The Prime Minister, Shri Narendra Modi addressing at the Assi Ghat, in Varanasi, Uttar Pradesh on May 01, 2016.

• Launches eco-friendly E-boats at Assi Ghat

• Distributes E-rickshaws to beneficiaries


• Visits Gyan Pravah – Centre for Cultural Studies and Research

• Interacts with prominent citizens of Varanasi

The Prime Minister, Shri Narendra Modi, launched the environment friendly E-Boats at Assi Ghat, in his Lok Sabha constituency Varanasi this evening.

The Prime Minister interacted with boatmen, and took a brief ride on an e-boat in the River Ganga, before arriving at the dais to address the gathering at Assi Ghat.

Speaking on the occasion, the Prime Minister explained that the e-boats would reduce pollution, provide a better experience for tourists, and save a substantial amount for the beneficiaries through lower fuel costs. He urged the beneficiaries to use the savings for the benefit of their younger generation.

The Prime Minister emphasized that his Government was focused on creating schemes which would strengthen the people, and empower the poor so that they can battle poverty. The Prime Minister recalled how India's indigenous navigation satellite network, has been named “NAVIC” in honour of the millions of people who earn their livelihoods on boats.

Earlier, the Prime Minister distributed e-rickshaws to beneficiaries, and interacted with them, at the DLW Grounds in Varanasi.

The Prime Minister visited Gyan Pravah: Centre for Cultural Studies and Research, and appreciated the efforts made to showcase India's cultural heritage.

Interacting with prominent citizens of Varanasi, the Prime Minister exhorted them to work towards ensuring cleanliness, and making Varanasi one of the cleanest cities. 

Russian Defense Ministry: all Russian flights held in compliance with international regulations

"We’re getting used to claims of Pentagon regarding alleged "non-professional" maneuvers of our fighters when intercepting the U.S. scout planes on the Russian borders," said Igor Konashenkov



MOSCOW, April 30. /TASS/. All flights of Russian aircraft are performed in compliance with international regulations on airspace management, Russian Defense Ministry Spokesman Igor Konashenkov said Saturday.

"We’re already getting used to claims of Pentagon representatives regarding alleged "non-professional" maneuvers of our fighters when intercepting the U.S. scout planes on the Russian borders," he said when commenting the announcement made by Pentagon on Friday. "At the same time we want to note that the RC-135U surveillance plane tries to sneak up to the Russian border with the transponder turned off each time. Therefore, the air defense forces on duty have to lift the fighter to visually identify the type of aircraft and its tail number," Spokesman added.

According to Konashenkov, in this case the U.S. military air forces should either not perform flights close to the Russian borders or turn the transponder on so that the radar recorder aids could automatically identify them.

Meanwhile, another Boeing OC-135B surveillance plane within the Open Skies Treaty landed on Saturday in Ulan-Ude, with no fighters lifted for its identification, Konashenkov added.

On Friday, Pentagon spokeswoman Lt. Col. Michelle Baldanza said the "unsafe and unprofessional air intercept" of the US Air Force RC-135 by the Russian Sukhoi Su-27 could "cause serious harm and injury to all aircrews involved.".

Vodafone picks BofA, Kotak, UBS, other banks for India IPO - sources

British telecoms operator Vodafone has picked Bank of America Merrill Lynch (BofA), Kotak Investment Banking and UBS as joint global coordinators of its Indian unit's IPO, people familiar with the matter said, kicking off its long-awaited listing plan.

The IPO is expected to raise between $2 billion–$2.5 billion, Reuters previously reported, which, at the upper end, would make it India's biggest stock market listing since state-owned Coal India Ltd raised $3.5 billion in 2010.

Deutsche Bank, HSBC and ICICI Securities have won joint book-runner roles, the people added, declining to be identified as the information is not public. Vodafone is likely to launch the IPO early next year, they said.

The deal offers a rare opportunity for international banks in a market where equity capital raisings worth more than $1 billion are uncommon and where stock underwriting fees are amongst the lowest in the world.

RELATED COVERAGE
› Vodafone India mandates for up to US$3 billion IPO

Vodafone said in November it had started preparations for floating its Indian subsidiary. IFR, a Thomson Reuters publication, said in a report the IPO is expected to raise $2 billion-$3 billion.

The company was not immediately available for comment outside its regular business hours when Reuters attempted to contact it on Saturday.

Vodafone, India's second-largest mobile operator behind Bharti Airtel, had raised the prospect of a listing in India as early as 2011. The company is one of the largest corporate investors in Asia's third-largest economy and is expected to use the proceeds to buy additional radio spectrum and further expand its operations across India's crowded and cut-throat telecoms market.

Indian mobile phone operators have been spending heavily in setting up fourth-generation (4G) mobile broadband data networks to meet expected demand.

Vodafone entered India in 2007, when it acquired a majority stake in Hutchison Essar and since 2014 has wholly owned Vodafone India, which operates in a market that has over a billion mobile subscribers – the second-biggest market in the world behind China.

Reuters reported last week that Vodafone had invited foreign and Indian banks to pitch for the Indian IPO.

Kotak Investment Banking is a unit of Kotak Mahindra Bank. All six banks did not immediately respond to Reuters' requests for comment.

(Reporting by S. Anuradha of IFR and Sumeet Chatterjee; Additional reporting by Elzio Barreto; Writing by Denny Thomas; Editing by Muralikumar Anantharaman)

First phase of NEET tomorrow, SC says allow exam to be held

New Delhi, Apr 30 (PTI) The first phase of the single entrance test NEET for admissions to MBBS and BDS courses across the country will be held tomorrow as the Supreme Court today refused to accord an urgent hearing of a plea seeking modification of its earlier order.

A three-judge bench headed by Chief Justice T S Thakur, which is conducting a special hearing today to deal with pollution in Delhi, did not allow the plea seeking urgent hearing for modification of the April 28 order passed by another bench with regard to the National Eligibility Entrance Test (NEET).

"Nothing will happen in the meantime. Matter had been heard by the bench and it is over for now. Please allow the examination to be conducted," the bench, also comprising Justices A K Sikri and R Banumathi said.

The observation came when lawyers, representing some students, said that the order on NEET needed to be modified as students who had prepared for the state-level entrance exams will find it difficult to prepare for the NEET in such a short span of time.

The court, for the time being refused to entertain the plea and asked the lawyers concerned to file an application which would be heard by the regular bench, hearing the case.

The Supreme Court had yesterday said that the entrance test for admission to MBBS and BDS courses for the academic year 2016-17 will be held as per the schedule through the two-phased common entrance test NEET on May 1 and July 24.

Centre had yesterday approached the apex court for modification of its April 28 order and had sought that state governments and private colleges be allowed to hold separate entrance examinations for MBBS and BDS courses for 2016-17 saying there was a lot of confusion arising out of it.

The apex court had in its order cleared the decks for the holding of NEET in two phases for the academic year 2016-17 in which around 6.5 lakh candidates are likely to appear.

It had approved the schedule put before it by the Centre, CBSE and the Medical Council of India (MCI) for treating All India Pre-Medical Test (AIPMT) fixed for May 1 as NEET-1.

It had said those who had not applied for AIPMT will be given the opportunity to appear in NEET-II on July 24 and the combined result would be declared on August 17 so that the admission process can be completed by September 30.

The apex court had pronounced the order after rejecting opposition for holding NEET by states, including Tamil Nadu, Andhra Pradesh, Telangana, Uttar Pradesh and Association of Karnataka Medical Colleges, besides minority institutions like CMC, Vellore.

India pitches for closer ties with New Zealand

Auckland, Apr 30 (PTI) With India's 'Look East' policy evolving into 'Act East', President Pranab Mukherjee has pitched for closer ties with New Zealand and said the region has gained even "greater salience" in New Delhi's strategic thinking and economic engagement.

The President, who arrived here on a maiden three-day state visit, spoke about the importance being attached by India to the Pacific region which he termed as a "natural extension of our immediate neighbourhood of South East Asia".

"With our 'Look East' policy evolving into an 'Act East' policy, the region has gained even greater salience in our strategic thinking and economic engagement. Most of India's foreign trade flows through the sea lanes of the Indian and the Pacific Oceans. These lanes also bring us the bulk of our energy be it oil, gas or coal," he said in an interview to a local daily 'The New Zealand Herald'.

Mukherjee, who becomes the first President to travel to New Zealand, arrived here this morning and was received by officials. He was later accorded a ceremonial reception at the Governor General's House which included a traditional rubbing of nose gently with New Zealand Governor General Sir Jerry Mateparae.

"I believe, this region holds tremendous potential for enhanced trade and investment as well as people to people contacts," he said in the interview with the newspaper, which, however, focused on Free Trade Agreement and quoted New Zealand Prime Minister John Key as saying that their country wants advancement on FTA.

Other media reports quoted the Kiwi Prime Minister as saying that the visit of the Indian President will be a good opportunity to continue to talk trade and "discuss where we're going".

Real Estate Act comes into force tomorrow after 8 year long efforts

Countdown for making operational rules, setting up Regulatory Authorities, Appellate Tribunals begins

• Rules to be made within a maximum period of 6 months; Authorities and Tribunals in one year
• Ministry of HUPA begins work on preparation of model Rules under the Act
• Central Government notifies 69 relevant Sections initiating action under the Act 
• States can provide protection to home buyers before the outer limit of one year and three months  

            The much awaited and widely acclaimed Real Estate (Regulation and Development) Act, 2016 comes into force tomorrow i.e May 1, 2016 setting in motion the process of making necessary operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of real estate sector in an environment of trust, confidence, credible transactions and efficient and time bound execution of projects.   

            Ministry of Housing & Urban  Poverty Alleviation has notified 69 of the total 92 sections of the Act on Wednesday this week bringing the Act into force from May 1,2016 culminating the eight year long efforts in this regard. A proposal for a law for Real Estate was first mooted at the National Conference of Housing Ministers of States and Union Territories in January, 2009.

            As per the notification announcing the commencement of the Act on May 1,2016, Rules under the Act have to be formulated by the Central and State Governments within a maximum period of six months i.e by October 31,2016 under Section 84 of the Act. Ministry of HUPA would make Rules for  Union Territories without legislatures while the Ministry of Urban Development would do so for Delhi.

            Section 84 of the Act stipulates that “The appropriate Government shall, within a period of six months of the commencement of this Act, by notification, make rules for carrying out the provisions of this Act.”

            Early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and Appellate Tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties.

            Section 20 of the Act says “The appropriate Government shall, within a period of one year from the date of coming into force of this Act, by notification establish an authority to be known as the Real Estate Regulatory Authority to exercise the powers conferred on it and to perform the functions assigned to it under this Act”. These Authorities decide on the complaints of buyers and developers in 60 days time.

            Section 20 of this Act also empowers appropriate Governments to designate any officer preferably Secretary of the Department dealing with Housing, as the interim Regulatory Authority until the establishment of Regulatory Authority under the provisions of the Act.

            Regulatory Authorities, upon their constitution get three months time to formulate regulations concerning their day to  day functioning under Section 85 of the Act.

            Likewise, under Section 43 of the Act, Real Estate Appellate Tribunals shall be formed within a maximum period of one year i.e by April 30,2017. These fast track Tribunals shall decide on the disputes over the orders of Regulatory Authorities in 60 days time.

            Under the directions of the Minister of Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu, a Committee chaired by Secretary (HUPA) has already commenced work on formulation of Model Rules under the Act for the benefit of States and UTs so that they could come out with Rules in quick time besides ensuring uniformity across the country. The Ministry will also will come out with Model Regulations for Regulatory Authorities to save on time.

            The time limits of six months for formulation of Rules and one year for setting up Regulatory Authorities and Appellate Tribunals are the outer limit and the States willing to act quickly could do so and the Ministry of Housing & Urban Poverty Alleviation would notify the remaining Sections of the Act to enable relief to the buyers under the Act as quickly as possible, as desired by Shri M.Venkaiah Naidu.

            The remaining 22 Sections to be notified relate to functions and duties of promoters, rights and duties of allottees, prior registration of real estate projects with Real Estate Regulatory Authorities, recovery of interest on penalties, enforcement of orders, offences, penalties and adjudication, taking cognizance of offences etc.

Chronology of events leading to the Real Estate (Regulation and Development) Act,2016 coming into force:

-The National Conference of Ministers of Housing, Urban Development and Municipal Affairs of States and UTs held on January 20,2009 proposed a law for real estate sector;

-During subsequent consultations by the central government, it was decided to enact a central law for real estate sector. This was endorsed by Competition Commission of India, Tariff Commission, Ministry of Consumer Affairs;

-Ministry of Law & Justice suggested central legislation for Real Estate Sector in July,2011 under specified entries of Concurrent List of the Constitution for regulation of contracts and transfer of property;

-Union Cabinet approved the Real Estate Bill, 2013 on June 4,2013;

-The Real Estate Bill,2013 introduced in Rajya Sabha on August 14,2013;

-Bill was referred to the Department Related Standing Committee on September 23,2013;

-Report of the Standing Committee tabled in Rajya Sabha on February 13,2014 and in Lok Sabha on February 17,2014;

-Attorney General upheld the validity of central legislation for Real Estate Sector and the competence of Parliament on February 9,2015;

-Union Cabinet  approved Official Amendments based on Standing Committee Report on April 7, 2015;

-Real Estate Bill,2013 and Official Amendments referred to the Select Committee of Rajya Sabha on March 6,2015;

-Select Committee of Rajya Sabha tabled its Report along with Real Estate (R and D) Bill, 2015 on July 30,2015;

-Union Cabinet approved the Real Estate Bill,2015 as reported by the  Select Committee of Rajya Sabha for further consideration of Parliament on December 9,2015;

-Bill listed in Rajya Sabha  for consideration and passing on 22 and 23 December, 2015 but could not be taken up;

-Bill passed by Rajya Sabha on March 10,2016;

-Lok Sabha passed the Bill on March 15,2016;

-President of India accorded his assent to the Bill on March 25,2016;

-The Real Estate (Regulation and Development) Act,2016 was published in the Gazette for public information on March 26,2016;

-69 Sections of the Real Estate (Regulation and Development) Act,2016 notified by the Ministry of Housing & Urban Poverty Alleviation on April 27,2016 bringing the Act into force with effect from May 1,2016.