labels: economy - general
Legislation to set up real estate regulator next year: Reddynews
10 October 2006

Mumbai: The government proposes to introduce a bill in Parliament next year to set up a regulator in the real estate sector and protect the interests of customers and other stakeholders, urban development minister S Jaipal Reddy said.

The bill, which will pursue repeal of urban land ceiling acts and reduction of stamp duty with state governments, "would be given final shape next year and brought in parliament," he said.

Pointing out that the issue of urban land ceiling acts and stamp duties are state subjects, Reddy said, the union government would pursue these issues with states.

"While entering into a memorandum of agreement with state governments for release of grants under the Jawaharlal Nehru Urban Renewal Mission in the next six years, the central government would put conditions for abolition of urban land ceiling Acts and curtailment of stamp duties," he added.

Paucity of land would be more acute in the metros, and especially in Delhi and the "New policy to encourage vertical growth will begin with Delhi," he said, adding that liberal floor area ratio will be one of the features of this policy.

He also opposed rent control Acts in various states, saying that they not only outlived their utility but also were a stumbling block in providing housing facilities in urban areas.

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Legislation to set up real estate regulator next year: Reddy