Coming, a watchdog for real-estate deals
The Centre plans to appoint a real-estate regulator in Delhi to make developers accountable to buyers.delhi Updated: Jul 06, 2011 12:15 IST
The Centre is planning to bring Delhi’s booming real-estate sector under a powerful watchdog. The appointment of the real-estate regulator will act as a check on haphazard development, and make developers accountable to buyers.
On Wednesday, Urban Development Minister Jaipal Reddy said, “Our ministry is preparing a draft bill for Delhi. The regulator will ensure justice for the buyers.” But the minister was non-committal about when the proposed law will be introduced in Parliament.
Ministry officials said the new law would cover all stakeholders.
Under it, a mechanism will be set up to ensure that buyers get their apartments in time and builders deliver the quality promised. An official said there would be a provision enabling a buyer to get compensation from the builder if certain conditions were not met.
The regulator will ensure that apartment complexes have adequate basic facilities like playgrounds, parking space and proper supply systems and will set basic standards for all builders. Violation will invite punitive action.
The Centre also wants all states to have their own real-estate regulators. Reddy asked states to bring in a similar law. He said, “Land is a state subject. Therefore, it is the responsibility of the states to ensure that realtors provide basic facilities to buyers.”
Some states have already sought a copy of the final draft bill from the ministry.