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.
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,"
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.
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.
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.
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