Regulatory body not to interfere with mkt dynamics
The Ministry of Housing and Urban Poverty Alleviation is in the process of obtaining Cabinet approval for introduction of a Real Estate (Regulation and Development) Bill in Parliament. However, no time frame for its implementation can be assigned at this juncture, said Kumari Selja, the Minister in charge. She also added that that ‘Land’ and ‘Colonisation’ being State subjects, it is for the States to ensure/monitor real estate projects including housing projects functioning in the State.
In a written reply in the Parliament, she said, Government has not set up/proposed to set up any Committee to streamline real estate projects. However, in order to provide for a uniform regulatory environment which would protect the interest of home buyers from unscrupulous builders and other agencies, help speedy adjudication and ensure orderly growth of the real estate sector, the Ministry of Housing and Urban Poverty Alleviation is in the process of introducing a Real Estate (Regulation and Development) Bill. The said Bill proposes to set up Regulatory bodies in the States/Union Territories.
However, the proposed Regulatory bodies will not interfere with the market dynamics of demand and supply which determine the price.