Housing ministry to bring out a model real estate bill

For promoting a planned and healthy real estate development of colonies and apartments in big cities, Union Housing and Urban Poverty Alleviation Ministry has drafted a bill and invited suggestions from experts.

For promoting a planned and healthy real estate development of colonies and apartments in big cities, Union Housing and Urban Poverty Alleviation Ministry has drafted a bill and invited suggestions from experts.

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"The government has taken a major initiative in the shape of a model Real Estate (Regulation of Development) Act for which the ministry has held preliminary discussions with various stakeholders," Housing and Urban Poverty Alleviation Minister Kumari Selja said on Monday.

A draft bill to promote planned and healthy real estate development of colonies and apartments, with a view to protecting consumer interest and facilitating smooth and speedy urban construction, has been put on the website of the ministry for comments from experts and public, she said.

The ministry is also encouraging institutionalised financing and formal channels of credit.

The United Nations has declared "Planning our urban future" as the theme of World Habitat Day 2009, being celebrated on Monday.

"In both developed and developing countries, cities and towns are increasingly feeling the effects of climate change, resource depletion, food insecurity, population growth and economic instability," Selja said, explaining the reason for choosing this theme.