Tuesday, July 7, 2009

Govt plans real estate model bill to be firmed up by Aug-Sept

Bill for regulating the real estate sector:

The minister for housing and urban poverty alleviation, Kumari Selja has announced a model bill for regulating the real estate sector by August-September time frame.

Talking about the 100 day agenda for her ministry, Selja said that the Model Bill would propose a regulator and aim to address the concerns of consumers as well as the real estate industry.

The finer details of the Model Bill could not be ascertained.

She said, “We have initiated a dialogue with all key stakeholders including private sector, NGOs, and various States to prepare the model Bill for regulating the real estate sector.”
Express Estates

How about regulating property prices?

Do you think that there should be some regulatory body which controls the property rates? Please, share your views in the comments.

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  1. I think this will be a good bill to be passed but I don't think this will be so easy for the government to pass as because of the builder-politician nexus. This bill, if passed will put a check on builders who exploit market conditions to charge huge rates of properties which are undesirable. Property rates should be fixed as per the facilities,infrastructure,connectivity and environmental norms.

  2. Yes, there should be some regulatory body which controls the property rates.
    Builders are quoting the rates whatever they feel appropriate. Now there is a real need of a regulator for Reality Sector which will stop from sucking common man's blood and hard-earned money

  3. I dont think there is any fruitful result coming out of these Government policy.. If the govt was/is really serious about the average home buyers, then we would have seen more govt residential projects rather than private projects so far....