Track2Realty-Agencies: The fate of the Real Estate Regulatory Bill hangs in balance even after PMO steps in to resolve differences between two ministries—Housing and Urban Poverty Alleviation and Urban Development— threatening to further delay the long pending Bill. The PMO has reportedly stepped in and directed the warring ministries to quickly resolve their issues over the bill which aims to protect property buyer’s interest from unscrupulous realtors.
The industry bodies, in the meanwhile have opposed the government’s proposed law saying that the bill in the current form is not practical and only favours property buyers.
Under pressure from PMO, the two ministries met representatives of real estate developers’ associations and industry houses on Tuesday to get them on board.
The meeting was Chaired by Housing Minister Ajay Maken and Urban Development Minister Kamal Nath and attended by representatives of Confederation of Real Estate Developers’ Association of India, National Real Estate Development Council, Confederation of Indian Industries, Federation of Indian Chambers of Commerce and Industry among others.
“The real estate developers’ body has been asked to submit their view to us in the next couple of days following which another round of consultation will be held,” a housing ministry official said.
HUPA is planning to bring this bill in the forthcoming Budget session of the Parliament to regulate the sector. At present, inter-ministerial consultations are on after which Cabinet clearance will be sought.
“We opposed the bill in the current form. Bill is not practical and it is one sided, in favour of consumers,” NAREDCO President Naveen Raheja told PTI.
“We have demanded that all stakeholders in the development of real estate should be brought under the ambit of this bill including government agencies which give clearance to this project,” he added.
The association sought that all consumer complaints should be addressed to the proposed real estate regulator and no other authorities should attend their complains, Raheja said.
The Real Estate Regulation Bill aims to establish a regulatory authority for enforcing fair practice and accountability norms and fast track dispute resolution mechanism in real estate transactions.
According to sources, the six associations were asked to give their representation in writing.
They said CREDAI and other organisations also opposed the bill. A CREDAI official said the draft is detrimental to the interest of the industry and is one-sided.
