Govt to bring balanced Real Estate Bill

The government on Friday said it will bring a balanced real estate regulatory bill to protect the interest of buyers as well as industry and the proposed law would reinforce the confidence of consumers and financial institutions in the cash-starved sector.

Addressing a CII's realty conference, Ministry of Housing & Urban Poverty Alleviation Joint Secretary Rajiv Ranjan Mishra also said the government will soon come out with affordable housing and rental housing policies. He said the Centre is trying to streamline project approval systems.

"The government is fully committed and working in a direction to ensure that the new Real Estate (Regulation and Development) Bill protects the interests of the real estate industry and safeguards the interests of the house buyers as well," he was quoted as saying in the CII statement.

The ministry is in consultations with all key stakeholders like developers, builders, retail buyers, state governments, related ministries and other parties to work out solutions on a few regulations in the bill, he added.  The bill, which seeks to set up a real estate regulatory authority for regulation and promotion of the sector, has been referred to the 21-member Select Committee of the Rajya Sabha for examination.