Bill For Real Estate Stakeholders

Bill For Real Estate Stakeholders

By siliconindia   |   Friday, January 13, 2012


Bangalore: Government discussed the tribulations related to the regulation and development of real estate with stakeholders in the first month of the year. Kumari Selja, head of Ministry of Housing and Urban Poverty Alleviation, addressed the session on Real Estate (Regulation and Development) Bill, 2011 with stakeholders.

The Stakeholders who attended the meeting were representatives of state governments, industry associations, consumer welfare groups, and technical and legal experts. Government had asked public suggestions regarding this Real Estate (Regulation and Development) Bill as well.

 “The Bill attempts to carefully balance the interests of both the consumers and the developers by imposing certain clear responsibilities on both of them," Selja said at the National Consultation meeting attended by the stakeholders, reports Economic Times.

The aim of the Bill is to institute uniform regulatory environment for the real estate sector throughout the country. The Bill is intended to safeguard consumers interest and to restore general public’s confidence in the real estate sector by establishing transparency and liability in real estate and housing transactions which is at present unregulated and unclear. The Bill is likely to reduce corruption, frauds, provide liability to consumers and uphold professionalism in the real estate industry which is currently lacking.

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