Real Estate Regulation and Development Bill 2011 to bring more transparency in the Realty Sector
The government in Mumbai is all set ready to introduce a draft of Real Estate Regulation and Development Bill of the year 2011. The reason behind government postponing the release of this draft is that, the draft will now be introduced and comments will be taken as a feedback and duly amendments will be made then finally it will be implemented.
The comments from stakeholders, property developers, real estate experts will be accepted and then the same will be forwarded to the government for approvals. This bill mainly aims at protecting the property buyers from fly-by-night developers and also this bill has promised to bring in transparency in the real estate sectors in the city. Union Housing and Urban Poverty Alleviation Minister Kumari Selja reported saying that they will be uploading the draft bill in the Ministry’s website at the earliest.
Also common public are utmost welcomed to provide suggestions, feedback over the same. Also single window clearance system for realty projects is said to be introduced soon after this bill is approved. According to the bill draft, the developers will have to submit land title, project completion date on the website. The government wants the developers to approve all these details much before the launch of this bill.
Source: NDTV Profit
Tags:
Developers, Government, Ministry's website, Mumbai, Property Buyers, Property developers, Real Estate (Regulation and Development) Bill, Real estate experts, Single window clearance system, Stakeholders, Union Housing and Urban Poverty Alleviation
[...] Real Estate Regulation and Development Bill 2011 to bring more transparency in the Realty Sector [...]
It is not understood as to why the Government is delaying this reformatory bill and is allowing a suspicion to develop in the minds of buyers and realtors. There is nothing in the bill which can agitate any rightful law-abiding relator who does not believe in cheating people. The Bill contains provisions only to ward off exploitation of the small investors/buyers and protect their rights and interest. Why a genuine realtor should have any reason to oppose such a reformatory legislation. Government is urged upon to expedite the bill without further delay.
Thanks for intorduicng a little rationality into this debate.