Budget 2015: Government to prepare fresh cabinet note on realty regulator
The government had been asked as far back as 2007 to respond to a court notice on a public interest litigation (PIL) demanding the creation of such a regulator in the interest of consumers
Feb 17, 2015
Source : The Economic Times


NEW DELHI: The government is in the process of preparing a fresh cabinet note outlining the contours of a real estate regulator, a top government law officer told the Supreme Court on Monday.

The government had been asked as far back as 2007 to respond to a court notice on a public interest litigation (PIL) demanding the creation of such a regulator in the interest of consumers.

The previous UPA government did introduce a bill that was later referred to a parliamentary standing committee, but there has been progress since then.

When the PIL came up for hearing on Monday, a bench comprising chief justice HL Dattu and justice AK Sikri wondered how long the government would take to firm up its stand on the regulator.

Additional solicitor general Neeraj Kishan Kaul asked for six weeks on the ground that a fresh note was being prepared and would be placed before the cabinet soon, indicating that it may come up for consideration by parliament in the forthcoming budget session. The bench said that this would be the government's "final" chance to act.

The PIL, filed by Anil Karnwal on behalf of NGO Sanrakshak, had sought a regulator to oversee allegedly misleading ads placed by real estate companies to cheat consumers. The court had issued notices seeking the views of the centre and states on such a regulator.

The UPA Bill had proposed a real estate regulator and tighter norms for advertising and selling housing projects. It made registration mandatory for all projects on plots of more than 4,000 sq metres and stipulated jail terms and penalties for builders to deter them from hoodwinking buyers.

Lakhs of unorganised property agents and brokers were also proposed to be brought under its purview. Developers, however, were opposed to the bill as it carried punitive provisions including de-registration of projects and penalties. It also provided for fast-track mechanisms to resolve consumer disputes.

Latest Realty News

Feb 17, 2015
Mumbai: Realty players have welcomed the the BrihanMumbai Municipal Corporation's proposal to increase floor space index (FSI) up to 8
Feb 17, 2015
MUMBAI: At a time when consultants are being poached by start-ups and corporate strategy teams, the Mumbai-based real estate company Lodha Group has created the biggest team of management consultants
Feb 17, 2015
New Delhi: The Delhi Development Authority saw approval of chapters on environment and transport in Master Plan 2021
Feb 17, 2015
Mallapuram: Commercial building owners under the banner of the Kerala Building Owners Welfare Association are on a warpath against the civic bodies
Feb 17, 2015
Raichur: The State government had zero-tolerance policy on encroachments, Minister For Urban Development Vinay Kumar Sorake said
Feb 17, 2015
New Delhi: policymakers must release land, without triggering political agitations or crises in banking and real estate
Feb 17, 2015
NEW DELHI: Housing prices in Delhi-NCR rose by an average 3 per cent during October-December period of 2014
Feb 16, 2015
Bhubaneswar: Experts warn that excessive use of high radio frequency in the proposed Smart Cities might pose health risk
Feb 16, 2015
NOIDA: More than five months after the new contours of the no-construction zone around the Okhla Bird Sanctuary were finalized, a delay in the final notification is making thousands of homebuyers increasingly frustrated and restless
Feb 16, 2015
GURGAON: The state government has been accused of encroaching on private land in Dhankot to widen a state highway into a four-lane road

Latest Realty News Of State

Realty Talk's