Government has been taking "strong and honest" steps to ensure low-cost housing and social security cover for every citizen, Union Minister Mukhtar Abbas Naqvi said here on Wednesday.

"Reform bills, such as the Real Estate (Regulation and Development) Amendment Bill, are essential for speedy economic development of the country.

"This Bill will not only make real estate sector consumer-friendly, but also fulfil the target of ‘Housing for All’ by 2022," the Union Minister of State for Parliamentary Affairs and Minority Affairs said.

The Real Estate (Regulation and Development) Bill 2015, approved by the Union Cabinet, is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects, he said after inaugurating Muthoot Homefin (India) Ltd division here.

The Bill provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector, Naqvi said.

"It will boost domestic and foreign investment in the real estate sector and help achieve the objective to provide ‘Housing for All’ by enhanced private participation," he added.

Speaking about the Goods and Services Tax (GST), he said it is a historic step in tax reform and would immediately convert India into a one big uniform market, which will benefit all stakeholders.

GST has the potential to push India’s GDP by one to two per cent, Naqvi said, adding, "Besides bringing much-needed transparency in taxation, it will benefit the Centre and the states equally." 

"GST will simplify the indirect tax regime in the country and is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally," he said.