The government of New Delhi, India, has passed a landmark bill to regulate and improve the country’s housing sector, the first time that the government has done so.
The bill, dubbed the State Homeownership Bill, is designed to allow states to issue new home ownership certificates and allow people to own their homes for up to 30 years.
The bill will require state governments to register all existing housing and provide an income guarantee to people over 30 years old, though this provision has not yet been implemented.
The government says that the new legislation will help address the housing crisis by improving housing supply and improve quality of life for the nation.
It will also help address other problems such as the shortage of affordable housing, homelessness, poverty, unemployment and pollution, the National Democratic Alliance government said.
New Delhi has already begun issuing new certificates to households who have reached the age of 30 years or over.
Under the new law, households will need to show proof of an income of at least 2,000 rupees ($26) a month to have their home purchased, the government said in a statement.
Under the bill, the central government will also take over the administration of the state’s housing authorities, with the aim of improving quality of housing, the statement said.
The new law will also provide for a national real estate appraisal and provide a national plan on the development of affordable and quality housing.
The new bill was approved by a parliamentary committee on Thursday.
It was introduced as a bill on October 3, 2017, by the BJP-led government.
Under it, the state government will issue new certificates for the first year and then gradually reduce the validity period.
The first certificates issued after the bill’s passage will be used to buy new houses, which will then be registered in the central registry.
The law is expected to increase the number of homes in the country from 9,821,000 to 11,964,000 in the first two years.
Under a draft bill, state governments will be allowed to set aside 5 percent of their housing budget for home purchases, up from 3 percent now.
The legislation also aims to create more housing for people who can’t afford to own a home.
It includes the following measures:The state government plans to issue a new certificate every two years to those over 30 who are living in the housing sector.
The state will issue a home certificate for those under 30 years of age, with a minimum income of 2,200 rupees a month, up to 2,500 rupees annually for those aged 60 years and above, and up to 1,000 dollars a month for those over 60.
The central government would administer the certificates and ensure that the person is able to buy a house, the ministry said.