Govt. to set up real estate regulator in Delhi
The Union Government will set up a regulator to address builder-consumer complaints in Delhi in six months, the Union Urban Development Minister, Mr Jaipal Reddy, said here on Thursday.
Addressing the inaugural session of an international real estate conference summit, organized by the Federation of Indian Chambers of Commerce and Industry, he said it would be a quasi-judicial authority and would be headed by an eminent personality.
The regulator would take up complaints such as “cheating”. “Small consumers need protection and builders clear titles,” he said. “The regulator would be set up with the backing of a model legislation,” the minister said.
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HOPE
STATES FOLLOW SUIT’
Issues such as land prices would be outside the purview of the regulator. The Union Government could only encourage State Governments to follow suit, as land was a State subject, with whatever modifications they so desired.
‘WELCOME MOVE’
Reacting to the announcement, the Chairman of the Builders Association of India, Mumbai Centre, Mr Anand J. Gupta, said it was welcome move by the Government. What five per cent of the “black sheep” in the builder fraternity did had resulted in prejudice against the entire community. Mr Gupta said that despite payment of stamp duties and seeking a search report on earlier documentation of properties, there was no concrete assurance that the title was clear.
Those among the builder group who followed fair practices said some of the common consumer complaints were registering of the same property in the names of two or more buyers, not delivering the promised built-up area and amenities, besides defaulting on refunds, and delaying delivery.
Some even charged interest for belated payments while not following the same when it came to delays at their end.
Source: The Hindu Business Line