Capital to have real estate regulator in six months

Written by Economy Bureau | Mumbai, Sept 27 | Updated: Sep 28 2007, 04:35am hrs
The National Capital will get a regulator in six months as per the provisions of the Real Estate Management (Regulation & Control) Act. The regulator will, however, not deal with property prices issues. It will, in fact, look into various complaints from consumers. Besides, the regulator, a quasi judicial body, will lay down conditions on who will be the developer, property dealer. This was announced by Union urban development minister S Jaipal Reddy on Thursday during his inaugural address at the International Real Estate Summit 2007, organised by Ficci.

Reddy said the appointment of the regulator for Delhi would help other states take this as a model and take necessary steps in this regard. "Land being a state subject, states will alone be in a position to carve out a regulatory set up for the real estate," he noted.

Reddy said states had been demanding increase in the central grant to 35% from the present level of 20% for the implementation of various transport projects. He mentioned that various states have been going in for metro as well as bus rapid transport projects. He declined to give any timeframe to increase the grant. He however, said the Centre was quite proactive to help out states in carrying out these project in a bid to remove infrastructure bottlenecks faced by them at a time when there is a rapid urbanisation and real estate development.

As far as the implementation of much touted Jawahar National Urban Renewal Mission (JNURM), Reddy said that so far projects worth Rs 20,000 crore have been sanctioned so far. At the outset, the minister made it clear that the JNURM is the reform linked mission. He admitted that though various states have repealed the urban land ceiling act, states like Maharashtra, West Bengal and Andhra Pradesh have yet to abolish the act. "During my recent visit, the West Bengal chief minister told me that the state government has formed a cabinet sub committee on this issue while the Maharashtra government has taken certain steps to repeal the act. Similarly, the Andhra Pradesh chief minister has told me that the act will be repealed by the end of current fiscal," he added.

Reddy called upon the builders and developers to set up training academies to train the people as in the industry fees skilled human resource. "There is a need for skilled, semi-skilled and super-skilled personnel and the industry should take the lead in organising training through academies," he opined.