Govt to bring Real Estate Regulation Bill

Govt to bring Real Estate Regulation Bill
The Financial Express, September 11, 2009, Page 2

Government is working on a model Real Estate Regulation Bill to set guidelines for making this sector transparent and competitive, and mulling suitable amendments to the Rent Control Act to revive rental housing to provide affordable homes to the urban middle class.

"Government is working on a model Real Estate Regulation Bill to provide guidelines to facilitate growth and promotion of healthy and transparent, efficient and competitive Real Estate Sector in the country," Kumari Selja, Minister of Housing and Urban Poverty Alleviation said here.

Delivering the inaugural address at the National Conference on Affordable Housing for Urban Poor organised by ASSOCHAM, Selja said the government was seriously looking at revival of rental housing system and accordingly making necessary changes in the Rental Control Act for the purpose.

The model Bill may be passed in Parliament in the forthcoming winter session, she said.

Selja lamented that customer satisfaction in real estate transactions was low and the procedure for redressal long and cumbersome. To deal with this her ministry is planning to start a system of rating builders and developers, which would inculcate business ethics in product development and delivery.