Issues concerning the regulation and development of real estate were discussed on Wednesday, Jan 11, by the government with various stakeholders including representatives of state governments, industry associations, consumer welfare groups, and technical and legal experts.
The Ministry of Housing and Urban Poverty Alleviation, headed by Kumari Selja, held consultations here with stakeholders on Real Estate (Regulation and Development) Bill, 2011 on which the government had invited suggestions from the public a few months ago.
“The Bill attempts to carefully balance the interests of both the consumers and the developers by imposing certain clear responsibilities on both of them,” Selja said at the National Consultation meeting attended by the stakeholders.
The Bill, which has been framed as a Central legislation, aims at establishing a uniform regulatory environment for the Real Estate sector in the country to safeguard the interests of consumers and to promote planned and orderly growth of the real estate and housing sectors.
It provides for establishment of a state level Regulatory Authority in each state and aims to institute transparency and accountability in real estate and housing transactions by enforcing mandatory public disclosure, standardization and fair practices.
While standardisation is missing, there has also been lack of professionalism in this industry.
The Bill is aimed at ensuring greater accountability towards consumers, significantly reduce frauds and delays, and pave the way for accelerated investments and growth of the industry in the long term.
