Zee Media Bureau
New Delhi: The Real Estate Bill is set to rein in dodgy builders who do not deliver on promises or cheat buyers.
The Minister for Urban Development, Housing and Poverty Alleviation Venkaiah Naidu, on Tuesday, said that though the purpose of the Real Estate Bill is to regulate and not strangulate the real estate sector, strictest possible action will be taken against erring builders, and "fly-by-night operators" who would try to take consumers ''for a ride''.
The government is expected to soon set up the office of Real Estate Regulator. The Real Estate (Regulation and Development) Bill, 2016, became an act on May 1. It set off the process of framing an institutional infrastructure to safeguard the interests of home buyers in India.
Since real estate is a state subject, the Urban Development, Housing and Poverty Alleviation Ministry has asked states government to come out with their own rules on the model of the Real Estate Bill and notify it by October 30.