Govt takes note of home buyers, builders problem; sets up advisory panels

Blaming few builders for bringing bad name to the real estate sector, Housing and Urban Affairs Minister Hardeep Singh Puri on Friday said the government has set up advisory committees to address problems faced by home buyers as well as developers.

He assured home buyers as well as real estate builders that the government would sort out most of their common problems as soon as possible, according to an statement issued by realtors' body NAREDCO.

Addressing NAREDCO's Global Investment Summit in Gurgaon, Puri said the government has already set up advisory committees in western, eastern and southern regions which would consult all stakeholders to find solution of all the problems confronted by home buyers and builders.

Stating that the construction sector contributes a great deal to national GDP and employment creation, he said the government is duty bound to address the concerns and issues facing it, the statement said.

A few handful of real estate builders have brought a bad name to this sector, he said, adding that necessary action would be taken against them as per provisions of the law of land.

Puri said the issue related to the new realty law RERA would also be addressed by the members of the advisory committees.

In his welcome address, Rajeev Talwar, Chairman NAREDCO Haryana, demanded that the government come out to the rescue of those builders and real estate developers whose land parcels have been mortgaged by various states on pretext or the other as it would delay the project's completion and halt real estate development in the country.

Praveen Jain, President of NAREDCO Haryana, said real estate development would pick up the required pace as soon as its problems are addressed by the governments concerned, including the centre.