PMO Finally Speeds Up Real Estate Regulatory Bill

Finally PMO decided to step in to speed up the Real Estate Regulatory Bill.  PMO ordered both the warring ministries to solve the issues and implement the bill soon.

PMO asked both; – the Ministry for Housing and Urban Poverty Alleviation (MHUPA) And the Ministry for Urban Development; to pace up the implementation of the Real Estate Regulatory Bill. PMO gave more hopes that the bill will be implemented in the upcoming parliament session.

Finally Prime Minister’s Office had to step in to solve the issues that block the implementation of the Real Estate Regulatory Bill. The bill has been on halt due to the unnecessary war between these two ministries. Real Estate Regulatory Bill is expected to protect the buyers from the canny methods of the developers.

Though the regulatory bill was initiated by the MHUPA, later the Urban Development ministry came up with another policy which they claimed to be better than the MHUPA Bill. Due to this ego –clash between the two ministries, the bill has been halted.

Urban Development Ministry argued that the matter comes under their portfolio and not under the Housing ministry. Claiming this Kamal Nath, Minister to the Urban Development Ministry, wrote a letter to the Prime Minister.

Under higher level pressure from the PMO, both the ministries met the delegates of developers’ associations of India and some representatives of some industry houses.

Ministers of MHUPA and Urban Development, Ajay Maken and Kamal Nath respectively, presided the meeting in which representatives of National Real Estate Development Council and CREDAI attended. The meeting included some reps of Confederation of Indian Industries and Federation of Indian Chambers of Commerce and Industry as well.

An MHUPA – official revealed that the builders are asked to present their views on the bill. Another round of consultation will be held after the ministry gets the views of the builders. As per the available sources the housing ministry is all set to present the Real Estate Regulatory Bill in the upcoming session of the parliament.

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