Posted: 23 Feb 2013 04:09 AM PST
By Accommodation Times News
The real estate regulatory bill which is pending in the parliament from 2009 which is now more intensified, refined and hopely to come in this forthcoming budget is been rejected by many pvt developers. However the bill has got nod from the Prime Minister. The ministry has discarded most of the contentious raised by private developers arguing that the basic tenet of the legislation is based on voluntary disclosure that will infuse transparency. The Housing and Poverty Alleviation Minister Ajay Maken said, we are seeking Cabinet approval soon to place it before Parliament. The basic tenets of the real estate regulation bill are intact. He also scoffed at the argument that there is no parallel legalization in other countries. Arguing the bill the realty developer said that the watch dog will increase the number of clearances and checks.
The ministry is also looking into the grievances of realty players particularly the provision which states that realty players will have to park 70% of funds of a particular project in a separate bank account so that resources are not diverted and buyers are not left in lurch.