'New law draft to benefit home buyers'
A Real Estate Regulatory Authority will also be established under the Real Estate (Regulation and Development) Bill, 2011, whose draft was made public today by Union Minister for Housing and Urban Poverty Alleviation Kumari Selja here.
The long-pending legislation that seeks to protect home-buyers from fly-by-night developers is likely to be sent to the Union Cabinet for its approval during the Winter Session of Parliament.
Once the law comes into force, no promoter or builder will be able to develop any immovable property without registering the real estate project and obtaining a registration certificate from the proposed authority.
"The Government of India has been planning such a legislation for a very long time and real estate sector and others have approached me on a number of occasions on such kind of a law. The aim is to intervene and ensure transparency and accountability on part of the promoter to the consumer," Selja told a press conference here.
The major aim of such a legislation, the Minister said, was to regulate the activities of the real estate sector and usher in an era of "accountability and transparency" in land selling and housing transactions.
The Minister has also written a letter to Chief Ministers enclosing a copy of the draft bill seeking their views on the legislation.
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