Govt plans law to regulate real estate sector in Delhi
With a view to rein in builders and real estate agents in the capital, Government is planning to bring in a legislation which it feels would also act as a model for other states.
By PTI |
NEW DELHI: With a view to rein in builders and real estate agents in the capital, Government is planning to bring in a legislation which it feels would also act as a model for other states.
Minister of Urban Development Jaipal Reddy informed Rajya Sabha that the Government is considering formulation of a Real Estate Management (Regulation and Control) Bill applicable to the National Capital Territory.
"The Bill is at a draft stage," he said and noted that it will also act as a model legislation for other states.
Regulation of activities of property developers and builders comes under the purview of state governments, urban local bodies and development authorities, he said.
To a question about property prices, the Minister said a rise in real estate prices has been observed in the recent years and it could be attributed to fast growth rates and market factors.
Minister of Urban Development Jaipal Reddy informed Rajya Sabha that the Government is considering formulation of a Real Estate Management (Regulation and Control) Bill applicable to the National Capital Territory.
"The Bill is at a draft stage," he said and noted that it will also act as a model legislation for other states.
Regulation of activities of property developers and builders comes under the purview of state governments, urban local bodies and development authorities, he said.
To a question about property prices, the Minister said a rise in real estate prices has been observed in the recent years and it could be attributed to fast growth rates and market factors.
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