Press Esc to close
Thursday 19 January 2017
News updated at 8:28 PM IST
Weather
Max: 28.2°C
Min : 14.4°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
Bollywood actress Soha Ali Khan taking selfie with the newly launched Samsung C9 Pro mobile...

Bollywood actress Soha Ali Khan taking selfie with the newly launched Samsung C9 Pro mobile...

Camel-mounted BSF soldiers participate in rehearsal for the Beating Retreat ceremony...

Camel-mounted BSF soldiers participate in rehearsal for the Beating Retreat ceremony...

Students form a human chain to display VOTE at an awareness campaign Jalandhar...

Students form a human chain to display VOTE at an awareness campaign Jalandhar...

Children holding national flags as they ride on a modified motorcycle ahead of the Republic...

Children holding national flags as they ride on a modified motorcycle ahead of the Republic...

Workers busy installing flower pots as part of the Republic Day Flower show at Glass House...

Workers busy installing flower pots as part of the Republic Day Flower show at Glass House...

Workers busy installing flower pots to make Peacock shape as part of the Republic Day Flower show...

Workers busy installing flower pots to make Peacock shape as part of the Republic Day Flower show...

The final touch work is going in full swing at as part of the Republic Day Flower show at Glass...

The final touch work is going in full swing at as part of the Republic Day Flower show at Glass...

Jagjot Singh Rubal, an Indian artist, gives final touches to a portrait...

Jagjot Singh Rubal, an Indian artist, gives final touches to a portrait...

Members of Hindu Sena, a right-wing Hindu group, place a garland on an poster...

Members of Hindu Sena, a right-wing Hindu group, place a garland on an poster...

PWD labourers paint the statue of Netaji Subhash Chandra Bose at Shymabazar in Kolkata...

PWD labourers paint the statue of Netaji Subhash Chandra Bose at Shymabazar in Kolkata...

Like us on Facebook

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523