NEW DELHI: The Bharatiya Janata Party (BJP) is set to present a proposal to Prime Minister Manmohan Singh, emphasizing the pressing need for the establishment of a Real Estate Regulatory Authority (RERA). This initiative aims to protect vulnerable investors from unscrupulous builders who might exploit individuals investing their life savings into their dream homes.
The envisioned Real Estate Regulatory Authority should operate similarly to established bodies like TRAI, SEBI, and IRDA. Leading this initiative is senior BJP figure Murli Manohar Joshi, who will head a delegation from the BJP's investors cell that has successfully gathered 1 million signatures for a memorandum intended for submission to Prime Minister Singh on Monday. This memorandum addresses crucial issues impacting small investors.
The BJP is advocating for its proposals to be incorporated into the upcoming Union Budget, which is scheduled for presentation on February 29. Murli Manohar Joshi articulated, “We appeal to the Government to protect the small investor, who is the backbone of the Indian economy.” He expressed concerns regarding the insecurity of small investors' funds, which leave them vulnerable to market fluctuations.
Among the BJP's additional demands is the reinstatement of Section 80(L) of the Income-Tax Act, aimed at making savings more appealing to the populace. Joshi also mentioned that individuals such as farmers, students, homemakers, and senior citizens—who do not fall under the income tax regime—should be exempted from the necessity of presenting a PAN Card when opening a Demat account.
Furthermore, during the 43rd Conference on Security Policy in Munich, National Security Adviser M.K. Narayanan discussed isolated instances in which terrorist organizations have allegedly exploited the stock market to fund their operations.
In a broader context, Joshi stressed the importance of expanding housing projects into smaller towns and cities to alleviate the strain on land resources in metropolitan areas. The continuous urban sprawl has imposed significant pressure on agricultural land, which is essential for maintaining food security. He also pointed out that the interest rates on bank loans for housing remain disproportionately high, a concern that is often obscured by financial institutions.