The Minister of Housing and Urban Poverty Alleviation Kumari Selja has said that in order to promote planned and healthy real estate development of colonies and apartments with a view to protecting consumer interest and to facilitate smooth and speedy urban construction, the Ministry of Housing & Urban Poverty Alleviation in consultation with various stakeholders had prepared a draft Model Real Estate (Regulation of Development) Act 200___ and the same was put on the website of the Ministry ( http://mhupa.gov.in ).
Comments/suggestions on the draft bill were invited from public and other stakeholders including State Governments and Union Territory administrations, business chambers, etc. by 06.11.2009. More than 350 responses were received.
In a written reply in the Lok Sabha today she said, as the second step of this exercise, after analyzing each comment, the Ministry of Housing & Urban Poverty Alleviation discussed the comments received and the issues raised with representatives of some of the State Governments in a meeting held in March, 2010 and a series of Workshops held on 16th, 17th, 22nd and 23rd April, 2010 with the representatives of the State Governments in order to prepare the second draft with the participation of urban development and urban law experts from some of the states. The draft was placed before states, business chambers, developers and experts in consultation held on 11th June, 2010.
She said, the Model Real Estate (Regulation of Development) Act 201_ will be finalized by the Ministry after taking into consideration suggestions received from the States, business chambers, developers, experts and other stakeholders. However, no fixed time frame for finalization of the Model Act can be given at this stage.
Kumari Selja said, further, the Ministry of Urban Development is considering formulation of a Real Estate Management (Regulation and Control) Bill which is applicable to the National Capital Territory of Delhi. The Bill is at a draft stage. The finalization of the draft Bill in respect of National Capital Territory of Delhi (NCTD) requires consultations with various stake holders including Government of NCTD, Delhi Development Authority and various Ministries/Departments of the Government of India. In view of the administrative and legal issues involved, no time frame can be fixed for introduction of the proposal Bill at this stage.
Source: Press Release issued by Ministry of Housing and Urban Poverty Alleviation
van i get to read the 350 suggestions received by the ministry on draft model law on real estate regulatiory body