Real estate regulatory act soon

January 23rd, 2009 - 3:40 pm ICT by IANS  

New Delhi, Jan 23 (IANS) The government will soon come up with a model regulatory act for the real estate sector, Minister of State for Poverty Alleviation and Affordable Housing Kumari Selja said here Friday.”We will soon come up with a model regulatory act for states to follow. We are planning to introduce this act before the budget,” Selja said on the sidelines of a business meet.

She said there had been a frequent demand from state governments as well as the private sector for a regulatory body.

“Two days ago, I had a meeting with housing ministers of all states and they have agreed for a model real estate regulator. We will consult state governments and then it will be prepared,” Selja said.

The regulator will provide guidelines of pricing and land accreditation, and will ensure that prices do not go beyond a certain limit.

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