The Ghaziabad residents organisation has demanded early enactment of the Real Estate Regulatory Bill which is pending with parliament.
Federation of Apartments Owners Association chief Tejandra Pal Tyagi said according to an estimate about 10 lakh consumers buy houses annually, with an investment of about Rs.3.50 lakh crore.
About 3,500 new projects are launched every year and about 17,000 real estate projects are in progress in 26 major urban areas in the country. They will come under the ambit of the proposed Real Estate Regulatory Bill (RERA). This bill should be enacted at the earliest in the interest of home buyers, he said.
The legislation is expected to provide tremendous relief to the home buyers since it will virtually close all loopholes through which the promoters/builders cheat the home buyers, he said.
The members and leaders of all political parties have already given their consensual consent to the proposed bill, both in writing and verbally, and so the government should not find it difficult to get this bill passed in the next session, he said.