For promoting a planned and healthy real estate development of colonies and apartments in big cities, Union Housing and Urban Poverty Alleviation Ministry has drafted a bill and invited suggestions from experts.
Kumari Selja-Housing and Urban Poverty Alleviation Minister- said, “The government has taken a major initiative in the shape of a model Real Estate (Regulation of Development) Act for which the ministry has held preliminary discussions with various stakeholders”.
She added that a draft bill to promote planned and healthy real estate development of colonies and apartments, with a view to protecting consumer interest and facilitating smooth and speedy urban construction, has been placed on the website of the ministry for comments from experts and public.
The ministry is also encouraging institutionalized financing and formal channels of credit.
