Real Estate Regulation Bill to be passed soon
The Real Estate regulatory bill in Mumbai is soon expected to come into use end of this financial year. Kumari Selja the Union minister for housing and urban poverty alleviation reported saying that the ministry is looking forward with the bill legislations and later on every state will be permitted to frame their own real estate regulatory bill. This bill entails certain implementations to the land owners in concern with the people who have acquired the land intern from the owners. This step has been taken forward to make justice to the individuals property and also to make substantial development over the land.
The realty sectors have been facing huge due payments which are yet to be cleared in regard with the recent house loan scam and also issues relating to the land acquisition over the real estate project all over the country. The industry representatives are said to be taking care of this task of the real estate regulatory bills. A stream line for the existing procedures have been suggested by the industry wing.
Source: The Times of India
House loan scam, Housing loan, land acquisition, land owners, Mumbai, Real Estate regulatory bill, Urban poverty
