Press Esc to close
Tuesday 28 February 2017
News updated at 5:40 PM IST
Weather
Max: 31°C
Min : 19°C
In Bengaluru
Sunny day

'Bill to regulate real estate will not clip wings of players'

New Delhi, Mar 30, 2013, (PTI):
The proposed bill to regulate the real estate sector seeks to establish a transparent system of delivery and would not hamper the growth of the sector, a top government official said today.

Addressing a conference of CREDAI, Ministry of Housing and Urban Poverty Alleviation Secretary Arun Kumar Misra assured the developers that the proposed Real Estate (Regulation and Development) Bill is "comprehensive" and "will not clip your wings".

CREDAI, the realtors' apex industry body with more than 9,000 members across the country, has been opposing the proposed law saying that the Bill in the current form is not practical and only favours property buyers.

Misra, however, said: "The Bill is trying to establish transparent and open system of delivery," Misra said.

Earlier this week, Housing and Urban Poverty Alleviation Minister Ajay Maken had said the bill would soon be brought before the Cabinet for approval and the government plans to introduce the Bill in the Budget Session of Parliament.

The bill aims to establish a regulatory authority for enforcing fair practice and accountability norms and fast track dispute resolution mechanism in realty transactions.

The government plans to set up a tough regulator for the real estate sector with provisions for even jail term for the developer for putting out misleading advertisements about projects.

The proposed regulator will also make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities, Maken had said at the National Editors' Conference here.

Misra today said the Ministry would try to implement the taskforce reports on affordable housing and rental housing in the next two years.

The Ministry has taken up the issue of liberalisation in foreign direct investment (FDI) norms in the real estate with DIPP (Department of Industrial Promotion and Policy), he said.

Meanwhile, CREDAI today elected Lalit Kumat Jain as the new Chairman and C Shekar Reddy as President.

Parsvnath Developer Chairman Pradeep Kumar Jain was earlier Chairman of CREDAI.

 

Go to Top

Photo Gallery
A hand rickshaw puller carries his old rickshaw wheel for repair in Kolkata...

A hand rickshaw puller carries his old rickshaw wheel for repair in Kolkata...

A carnival float depicting, from left, Adolf Hitler, Geert Wilders, Marine Le Pen and U.S.

A carnival float depicting, from left, Adolf Hitler, Geert Wilders, Marine Le Pen and U.S.

A view of the aircraft carrier INS Viraat docked at the Naval Dockyard ahead...

A view of the aircraft carrier INS Viraat docked at the Naval Dockyard ahead...

Firefighters trying to extinguish a blaze that broke out on Sunday evening at the Times...

Firefighters trying to extinguish a blaze that broke out on Sunday evening at the Times...

Women performing a traditional dance during Golden Jubilee celebrations of Nyokum Yullo Festival...

Women performing a traditional dance during Golden Jubilee celebrations of Nyokum Yullo Festival...

Congress candidate Ameeta Singh with her husband and senior party leader Sanjay Singh coming...

Congress candidate Ameeta Singh with her husband and senior party leader Sanjay Singh coming...

Union Home Minister and senior BJP leader Rajnath Singh along with party candidate Ratnakar...

Union Home Minister and senior BJP leader Rajnath Singh along with party candidate Ratnakar...

Mahant Gyan Das along with other sadhus after casting vote at a polling station for Assembly...

Mahant Gyan Das along with other sadhus after casting vote at a polling station for Assembly...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Congress Senior Leader Ambika Soni and Uttrakhand CM Harish Rawat with state Congress party...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523