The Indian Government in a sudden move
to make the living comfortable, as well as
make the business of REAL ESTATE more
promising, will make public the draft about
the Real Estate Regulation and Development
and it is seriously thinking about
comtemplating a bill ,2011 for comments
from stakeholders. The Government subsequently
introduce this bill it in the
forthcoming winter session of Parliament.
The Ministry of Rehabilitation went to the
extent saying that “we will upload the draft
Bill on the Ministry’s website by November
11 for suggestions by public. Every points
would be considered, and after considering
those suggestions, we are hopeful of
introducing the bill during the winter
session of Parliament,” said the Union
Housing and Urban Poverty Alleviation.
This bill will not be directly passed and
pressed into the service, and a senior
Government official has remarked that
“The bill will be under the public domain
for few days… Every details are worked out
to prepare and to look into the suggestion of
single window clearance system for realty
The Bill would protect the interest of
consumers without hurting the real estate
sector. Nor the bill would be a turbulent
draft and neither it would be anything like a
heavy weighted bill, said a Government Minister adding that, “It will be a balanced
kind of Bill, as on one hand we do not want
consumers should be put into any difficulty
(in real estate buying) and on the other hand,
we definitely do not want to throttle the real
estate industry. So it will be a balanced
A team of Real Estate Association has been
opposing the constitution of a regulatory
body saying that it would become a “breeding
ground for corruption” when implemented.
Not really satisfied totally by the way the bill
would contain the draft, as they feel that it
would be biased, they went onto add that the
objective of the draft Bill was limited to just
consumer protection, leaving other important
issues such as long delay in approval
and rising cost of material.
This bill was pending since the time when
the Vajapayee Government was in
power.The Prime Minister, then, Mr Atal
Behari Vajapayee, then had made a frantic
attempt along with the energy bill to be
housed tabled and to pass it in the session,
but it gathered a opposing storm by the
Source: NIMMA BENGALURU
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