Real estate regulator Bill expected in Winter Session
Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session.
Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session.
Real estate industry body CREDAI on Saturday, September 3, opposed constitution of a regulatory body for the real estate sector, saying that it would become a “breeding ground for corruption” if implemented.
The ruling of Competition Commission of India (CCI) against the market leader DLF seems to have not only sparked a debate within the real sector, but has also united them.
Rakesh Jain booked a flat in one of the projects in Noida Extension. He paid to the developer all the savings from his hard-earned money and had everything in place-due diligence done through his lawyer.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has called for a strong and transparent regulator for the real estate sector for an orderly growth.
The Government is likely to introduce a bill in the monsoon session of Parliament to protect consumers’ interests against dubious operators in the real estate sector.
The proposed Real Estate Regulation Bill may be delayed.
The contour of the Real Estate Draft Bill has been changed to make it a central legislation, a shift from it being a state matter earlier.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
The Confederation of Real Estate Developers’ Associations of India has expressed displeasure about the proposed Model Real Estate (Regulation of Development) Act in its present form, saying it could lead to an escalation of prices of housing stock in the country by Rs 300 per sq ft.