Press Esc to close
Wednesday 20 August 2014
News updated at 9:50 PM IST
Weather
Max: 28.8°C
Min : 20.2°C
In Bangalore
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 model at a promotional event of Rado watches in Lucknow  ...

A model at a promotional event of Rado watches in Lucknow ...

Rajnath Singh honours an awardee at the Scheme launch of “Mainstreaming Civil Defence in Disaster ..

Rajnath Singh honours an awardee at the Scheme launch of “Mainstreaming Civil Defence in Disaster ..

People paying floral tribute to the former Prime Minister Rajiv Gandhi on his birth anniversary ...

People paying floral tribute to the former Prime Minister Rajiv Gandhi on his birth anniversary ...

Sonia Gandhi along with Rahul and Priyanka paying tribute to Rajiv Gandhi ...

Sonia Gandhi along with Rahul and Priyanka paying tribute to Rajiv Gandhi ...

Shilpa Shetty walks the ramp for Masaba Gupta at the Lakme Fashion Week in Mumbai ...

Shilpa Shetty walks the ramp for Masaba Gupta at the Lakme Fashion Week in Mumbai ...

Showstopper Sushmita Sen at the ramp at Lakme Fashion Week Winter/ Festive 2014 in Mumbai ...

Showstopper Sushmita Sen at the ramp at Lakme Fashion Week Winter/ Festive 2014 in Mumbai ...

CRPF  jawans jubilate after their passing out parade at 227 Battalion of the foce in Bhopal ...

CRPF jawans jubilate after their passing out parade at 227 Battalion of the foce in Bhopal ...

Hyundai Motor India Limited Tapan Kumar Ghosh & Bedabrata Bordoloi at the launch of Elite i20 ...

Hyundai Motor India Limited Tapan Kumar Ghosh & Bedabrata Bordoloi at the launch of Elite i20 ...

Sonia Gandhi with  Sushma Swaraj during a function to commemorate Rajiv Gandhi's birthday ...

Sonia Gandhi with Sushma Swaraj during a function to commemorate Rajiv Gandhi's birthday ...

A model walks the ramp during at Lakme Fashion Week Winter/Festive 2014 in Mumbai ...

A model walks the ramp during at Lakme Fashion Week Winter/Festive 2014 in Mumbai ...

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