Govt. to Bring a Regulator for Delhi Property Market

September 28, 2007	(Be the first to rate this story!)  Loading ...
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Stepping up the efforts to bring greater transparency in Delhi real estate, the Union Government is considering setting a regulator to address builder-consumer complaints in the Capital. The plans will be reinforced and executed within six months, says Mr. Jaipal Reddy, the Union Development Minister.

The regulator will be a quasi-judicial authority to be headed by a famous personality, informs the minister while addressing the inaugural session of an international real estate conference summit, organized by Federation of Indian Chambers of Commerce and Industry.

The regulator would be established with the backing of model legislation. However, the issues such as the land prices would not be handled by the regulator.

The Union Government requires encouraging State Government to pursue the suit, as land was a State subject, with whatever changes they would find suitable to incorporate.

Setting up a regulator for Delhi real estate is a welcome step by the Government. Builders who follow fair practices say that some common consumer complaints were registered of the same property in the names of two or more buyers and not delivering the promised.

News Published Under:   Delhi |

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