[Mahagunpuram] Bill to protect home buyers from fly-by-night developers soon

Guys,
Here is some good news overall in real sector. This should act as a
weapon against all the trick and traps of the builders.
Source:
http://articles.economictimes.indiatimes.com/2011-06-10/news/29643090_1_real-estate-regulation-bill-low-cost-houses-ministries
-----------------------------
NEW DELHI: The much-awaited Real Estate Regulation Bill, 2011, which
seeks to protect home-buyers from fly-by-night developers, is under
process of consultation by various ministries.
"The draft Bill is almost being finalised. We have sent the Bill to
Law Ministry for their approval and subsequently we will sending it to
other ministries for approval," Ministry of Housing and Urban Poverty
Alleviation joint secretary SK Singh said today.
Singh, who was speaking to reporters on the sidelines of a RICS event
here, said the Bill would go to the Cabinet for approval after all the
ministries have vetted it, but declined to give a timeline for placing
it in Parliament.
The Bill, which has been drafted taking into account the interests of
all stakeholders and real estate developers, would set the tone for
reforms in the housing sector.
"The Bill will not cover the pricing of property as the intention is
not to strangulate the sector but to make real estate properties
easily available," Singh said.
The Bill is in the making for more than three years now. Sources in
the Housing and Poverty Alleviation Ministry said since land is a
state subject and there are many issues involved in the enactment of
the Bill.
The Centre can only enact a model Bill which can be referred to the
state government for their consideration.
There is a demand-supply gap for low cost houses and the purpose of
the Bill is to protect the interest of consumers while also taking
into account the concerns of stakeholders. .
Singh was speaking at the book launch of UK-based self- regulatory
body for qualifications and standards, Royal Institution of Chartered
Surveyors (RICS).
RICS on Friday launched the India edition of the 'Red Book' which lays
down mandatory rules for its members.
"The book would provide guidance on valuation of real estate
properties under the current Accounting Standards and would help
valuers in different ways, including mergers and acquisitions," RICS
India Country Head Sachin Sandhir said.
----------------