The much awaited and largely discussed Real Estate (Regulation & Redevelopment) Bill, pending since 2009, is finally been ready and the Government plans to introduce it in the winter session of Parliament after getting Cabinet approval.
Punjab’s first planned eco city, christened New Chandigarh by the State Government, has started to buzz with the major real estate developers and housing societies.
The Kerala Government has proposed to constitute a real estate regulatory authority to monitor and guide builders and developers in the State.
The Securities and Exchange Board of India (SEBI) has moved to the Supreme Court for an early hearing in a seven-year case against realty player PACL India.
Confederation of Real Estate Developers’ Association of India (CREDAI), Tamil Nadu has blamed the two state government agencies of holding up residential and commercial projects worth Rs.7,500 crore by delaying approvals.
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.
Through a hailstorm of bouquets, brickbats, controversies and triumphs, the Indian real estate sector has always been one of the mainstays of the country’s economy. At some level, every Indian is connected with it; in some way or the other, it affects every citizen of this country.