New Delhi: The Cabinet Wednesday deferred a decision on setting up a regulator for the real estate sector.
According to sources, the Cabinet discussed the Real Estate Development and Regulation Bill but deferred a decision on it.
The bill, which was introduced in the Rajya Sabha in August last year, seeks to protect home buyers from unscrupulous developers.
It was then referred to a Parliamentary Standing Committee, which had submitted its report in February.
The bill provides for mandatory registration of all projects, besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.
It also seeks to enforce the contract between the developer and buyer and provides for quick remedial measures in case of disputes.
Real estate developers have been opposing the proposed law, saying that it does not cover all the stakeholders including the government authorities that give project approvals.
However, Minister for Housing and Urban Poverty Alleviation Venkaiah Naidu had last month assured the industry that "there will be no strangulation, only regulation".
"The bill will be a people friendly and construction sector friendly bill. In a democracy, regulation is required," Naidu had said.
Source:http://zeenews.india.com/business/realestate/latest-news/cabinet-defers-approval-of-real-estate-regulatory-bill_114445.html