By Accommodation Times News Service
The Real Estate Regulation Bill which was delayed to winter budget session is now likely to come up in forthcoming Budget Session of the Parliament to regulate the real estate sector. Housing Minister Ajay Maken said, the real estate regulation bill aims to establish a regulatory authority for enforcing fir practice of ethics and accountability norms and fast track dispute resolution mechanism in real estate transactions. He said, inter-ministerial consultation is still going on. The cabinet clearance will be sought once the discussions get over.
The Draft legislation pending since 2009 will definitely establish a regulatory authority for the realty sector, ensure sale of immovable properties in an efficient and transparent manner and protect consumer interest. The most important part of the bill is it will bring regulation. Many schemes are coming for affordable housing like raising funds for external commercial borrowing limits, RBI has allowed raising USD 1 billion. Adding further he said, we wish that fiscal incentive should be there for affordable housing for the poor and LIG people.