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Real estate bill to be introduced despite objections

Comments(3) Sub Category:Cities,Delhi-NCR,Real estate trends,Realty News Posted On: Jan 16, 2013

Real estate Regulatory billThe Real Estate Regulatory Authority Bill will be introduced before the parliament during the Budget session, said Ajay Maken, Housing and Poverty Alleviation (HUPA) minister.

However, the proposed bill faced objections from real estate bodies and industry pressure groups. Realty bodies like CREDAI and NAREDCO have opposed the real estate regulatory bill stating that the current form of the bill is not practical and it only favour the buyers.

A joint meeting held by Maken and Kamal Nath, Urban Development minister, where representatives of Confederation of Real Estate Developers’ Association of India (CREDAI), National Real Estate Development Council, Confederation of Indian Industries, Federation of Indian Chambers of Commerce and Industry stood against the bill.

According to the government officials, the proposed bill aims to address concerns and protect buyers’ interest.

This bill was pending as there were clashes between the housing and urban poverty alleviation and urban development ministries. At last this issue was noticed by the prime minister and in a meeting with the due minister this issue to protect buyers got cleared. There will be a real estate regulatory body for every state if the bill passes.

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Image courtesy of Jeroen van Oostrom at FreeDigitalPhotos.net

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