Regulatory body to address realty consumers' woes
Realty consumers often feel cheated with the price, the floor area and the proper documentation when they buy their dream house.
By PTI |
MUMBAI: Concerned over growing complaints of malpractices in the realty sector, the Centre will set up a regulatory body to deal with it, Union Urban Development Minister S Jaipal Reddy said here on Thursday.
"We are setting up a regulatory body to address the compliance of the consumers and the developers. It will be a quasi-judicial body headed by an eminent personality," Reddy told reporters on the sidelines of the FICCI-organised International Real Estate Summit.
The minister said the Government would like to set up the regulatory body first in Delhi within six months and would ask the state governments to follow the suit.
"We will set up the body in Delhi first as a model structure. We will request all states to follow that," Reddy said, adding that the land price and other relating matters could not be included under the jurisdiction of the body since these are state subjects.
Realty consumers feel often cheated with the price, the floor area and the proper documentation when they buy their dream house. Similarly, developers face a lot of difficulties in procuring lands and executing their projects.
Meanwhile, Reddy said state governments have requested the Centre to increase the percentage of grant through viability gap funding (VGF) for development of Mass Rapid Transit System to 30-35 per cent from the current 20 per cent.
"We are considering their proposal," Reddy said, adding that India needed to encourage Public-Private-Partnership model for development of public transport system.
"We are setting up a regulatory body to address the compliance of the consumers and the developers. It will be a quasi-judicial body headed by an eminent personality," Reddy told reporters on the sidelines of the FICCI-organised International Real Estate Summit.
The minister said the Government would like to set up the regulatory body first in Delhi within six months and would ask the state governments to follow the suit.
"We will set up the body in Delhi first as a model structure. We will request all states to follow that," Reddy said, adding that the land price and other relating matters could not be included under the jurisdiction of the body since these are state subjects.
Realty consumers feel often cheated with the price, the floor area and the proper documentation when they buy their dream house. Similarly, developers face a lot of difficulties in procuring lands and executing their projects.
Meanwhile, Reddy said state governments have requested the Centre to increase the percentage of grant through viability gap funding (VGF) for development of Mass Rapid Transit System to 30-35 per cent from the current 20 per cent.
"We are considering their proposal," Reddy said, adding that India needed to encourage Public-Private-Partnership model for development of public transport system.
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