The much-awaited umbrella bill to regulate the real-estate sector and empower home buyers is ready to be rolled out.
The much-awaited umbrella bill to regulate the real-estate sector and empower home buyers is ready to be rolled out. The draft of the Real Estate (Regulation of Development) Act, which was introduced in September 2009, has now been fine-tuned and will be presented before the Parliament during the upcoming monsoon session after ministerial consultations and cabinet approval.
“The suggestions and objections from all stakeholders have been incorporated and the central bill will set the tone for regulation of the housing sector across the country,” said SK Singh, joint secretary, ministry of housing and urban poverty alleviation who was in the city to attend a housing seminar.
Besides clearly spelling out the dos and don’ts for developers, the Centre’s proposed regulatory bill will also set the guidelines for the state government to introduce a regulatory mechanism. From dealing with issues of permissions and execution of projects to defining the standard of raw materials to be used in construction and drawing deadlines for execution of projects, the regulatory bill will address every aspect of the real-estate sector, according priority to the consumer’s concerns.
“We will link the releasing of JNNURM funds to the implementation of the centre-recommended reforms in the housing sector to ensure due compliance at the state level,” Singh said.
On its part, the state government is also setting up a regulatory body for the housing sector. Minister of housing Sachin Ahir had revealed earlier this month that the plan to set up a housing regulatory authority is being given the finishing touches and initially an online module will be introduced where consumers can register their grievances related to the housing sector.
Meanwhile, the city’s developer fraternity is adopting a positive stance towards the regulatory environment. Says Dharmesh Jain, CMD, Nirmal Lifestyles, “By all means, let there be a regulatory authority for the housing sector, but please ensure that the regulatory mechanism covers all the stakeholders and not just the developers.
I hope authorities who delay the permissions and customers who do not honour their side of the deal face regulation, too.”
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