Realty Regulatory Bill this year: Reddy

Source: PTI:28 March 2010
The much-awaited real estate regulatory bill, which seeks to protect home-buyers from fly-by-night developers, will be passed this year, urban development minister Jaipal Reddy said.

“The bill will be passed in 2010 and there will be a regulatory authority in Delhi,” he said when asked about the status of real estate regulatory bill. He was speaking on the sidelines of a realty conference organised by Assocham.

The proposed bill is meant for Delhi and will be a model for other states to follow, he had said earlier.

Reddy said the comments from different ministries on the bill is being sought. “The regulator will see that buyer is not cheated and fly-by-night operator do not flourish in the market to the frustration and dicomfiture of consumer,” he said, adding the regulator would have no role in determining the prices.

In its 100-days agenda unveiled on June 29 last, the urban development ministry had said Real Estate Management (Regulation & Control) Bill for NCT of Delhi will be taken up for decision.