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| Delhi to have its realty regulatory authority this year |
| BS Reporter / New Delhi May 07, 2010, 01:08 IST |
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The much-awaited real estate regulatory authority, which intends to shield small-time buyers from fly-by-night developers, will be formulated this year, said S Jaipal Reddy, Union Minister of Urban Development.
“We will have a realty regulatory authority for Delhi by 2010. We are also speaking to other states to set up similar agencies, which can protect buyers from the fly-by-night developers,” said Reddy. He was speaking on the sidelines of a seminar on “International Conference on Intelligent Urbanisation” organised by the Confederation of Indian Industry.
“Some of the states have shown interest, but it will take some time before they form a regulatory authority for real estate,” said Reddy.
The regulatory authority will be only for Delhi and not cover the national capital region.
Speaking about big developers who fail to deliver projects on time, Reddy said, “The regulatory authority will try and address all these issues. The draft of the bill is ready. We are not taking any more suggestions now. I have to place the bill before the Cabinet.”
The prime objective of the regulatory body, he said, will be to ensure consumers do not have apprehensions when they plan to buy a property.
“The government will ensure only genuine developers exist in the market and people’s money is safe,” the minister said.
Reacting on the formation of the realty regulatory authority, Rajeev Talwar, group executive director, DLF, said, “I am sure the government will come up with a comprehensive framework for the real estate players.”
DLF’s concern is that the lack of a single-window clearance for real estate developers has led to difficulty in procuring various licences.
“A developer needs at least two to two and a half years to get all the licences from separate bodies. I hope the regulatory bill addresses this issue, otherwise developers will struggle to procure licences within a specific time,” Talwar said.
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