The move to regulate real estate
India received an impetus with the Union Urban Development Minister announcing the setting up of a regulator for the redressal of grievances from consumers and builders.
The announcement came during the inaugural session of the FICCI Real Estate Summit.
The minister, S. Jaipal Reddy, clarified that the regulator would take
up complaints of fraud and cheating for both the consumer and the private
builders, but would not take up issues related to land prices.
The regulator,
headed by a distinguished personality would carry a quasi-judicial authority.
The Union Government will encourage the state governments to establish
a regulator who would take up land-related complaints as well, since
land is a state subject.
The Chairman of the Builders Association of India, Mumbai Centre, Anand
Gupta, welcomed the establishment of the regulator, saying it would
help eliminate the wrong elements in the industry.
The builders often face a problem on the title of the land, in spite
of payment of stamp duty and obtaining a search report on documentation
of properties.
The builder community hoped that the establishment of
the regulator would help sort out these issues.
The minister has set a target of 6 months for the regulator’s office to be implemented.
