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Now,housing ministry preparing regulator bill

Even as the proposed Real Estate Regulator Bill for Delhi NCR,formulated by Urban Development (UD) ministry gathers dust in government alleys

Written by Smita Aggarwal | New Delhi | Published: January 13, 2009 1:32:38 am

Even as the proposed Real Estate Regulator Bill for Delhi NCR,formulated by Urban Development (UD) ministry gathers dust in government alleys,its twin ministry Housing and Urban Poverty Alleviation (HUPA) has initiated the process for preparing a model bill on real estate regulation.

Speaking to The Indian Express,HUPA minister Kumari Selja said that the ministry is working on the preparation of such a bill. It has also put in place a dedicated team for the purpose. “We shall try and bring the bill as soon as possible. It will be a model bill,that can be adopted and enacted,with modifications if desired,by the states,” said Selja.

When asked if the bill would be a replica of the one drafted by the Urban Development ministry,Selja said that while the UD ministry has drafted the bill for the Delhi NCR region alone,the bill being drafted by the HUPA ministry will be a model bill that can be enacted by other states. “This initiative stems from the recommendation of the Deepak Parekh-led committee’s report on affordable housing that had proposed the formulation of a regulator for the realty sector,” she said.

The committee has said in its report,to be submitted to the Prime Minister soon,that a real estate regulator could serve as a “single window for overseeing and monitoring the affordable housing agenda,regulate the activities,promote policy reform and protect the consumers from real estate fraud and coordinate digitisation of land records”.

Despite repeated assurances by the Urban Development minister Jaipal Reddy that a regulator for the industry would soon be brought,little action has been seen. In fact,the first draft of the real estate regualtor bill was prepared almost four years ago.

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