NEW DELHI: Withstanding objections from real estate bodies and industry pressure groups against the proposed Real Estate Regulatory Authority Bill, the housing and poverty alleviation (HUPA) minister Ajay Maken, on Tuesday, said the bill will be introduced before parliament during the Budget session.
Earlier in the day a joint consultation meeting was held by Maken and urban development minister Kamal Nath where representatives of Confederation of Real Estate Developers' Association of India, National Real Estate Development Council, Confederation of Indian Industries, Federation of Indian Chambers of Commerce and Industry had objected to the bill. "But government put its foot down saying the bill aims to address concerns and protect interest of buyers. They are being shortchanged and hence there cannot be any compromise," said a government official.
The fate of the bill was hanging in balance after differences had cropped up between the housing and urban poverty alleviation and urban development ministries. Kamal Nath had objected to HUPA's move of circulating the proposed bill without consulting his ministry.
Finally, the issue reached the Prime Minister and a meeting of the two ministers was held on Friday where they were asked to sort out the issue to protect buyers' interest.
If the proposed law goes through there will be a real estate regulatory authority in every state.
Centre to introduce Real Estate Regulatory Authority Bill
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Centre to introduce Real Estate Regulatory Authority Bill
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Centre to introduce Real Estate Regulatory Authority Bill
