Central government is still waiting to decide on real estate regulatory bill
The Housing and Urban Poverty Alleviation ministry has drafted the real estate regulatory bill, and planned to introduce it in the budget session that concluded last month.
However, following huge numbers of protest, the ministry held a fresh round of consultations with all the states last month to try and get them on board. It had set May 18 as the deadline for states to send their comments on the draft bill.
According to some state government, the land was a state subject and the central government does not have the mandate to legislate on the issue.
However, to counter the states’ fears, the central government has incorporated a provision in the draft bill stating that every state could have their own regulatory authority if they wish.
Now the central government is waiting for the comments from all the state government so that they can finalize the real estate regulatory bill as early as possible.
The proposed bill also kept a provision to set up a regulatory authority to address consumers’ grievances.
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Source: Hindustan Times
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