Govt planning tough realty regulator: Ajay Maken

Mangalore Today/DHNS

New Delhi, Mar 24, 2013: The government plans to set up a tough regulator for the real estate sector with provisions for even jail term for the developer for releasing misleading advertisements about projects.

The proposed regulator will also make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities, Minister for Housing and Urban Poverty Alleviation Ajay Maken said at a National Editors’ Conference here on Sunday.

 

The committee headed by former chairman of Competition Commission of India Dhanendra Kumar has recommended setting up a nodal agency that will act as a single-window and coordinate approvals from different authorities. The government will discuss with states to implement this.

For affordable housing projects, the panel has recommended a fast-track process with a 60-day clearance window. "This will help increase the supply of housing in affordable category," said the minister.

The government is also planning to set up technology enabled single-window agency to streamline the approval procedures for real estate projects.

Developers always lament that for big housing projects in the metros require them to take approvals from about 50 different authorities in the Central and state governments, local authorities, including the Environment , Forest, Water, Pollution, Fire, Revenue and Town Planning Ministries.

The minister also said in the proposed real estate bill, which has a number of provisions to safeguard the interest of home buyers, will be introduced in the coming Parliament session.