The Hindu : Business : Regulator to address realty complaints

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Friday, Sep 28, 2007
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Regulator to address realty complaints

Staff Correspondent

MUMBAI: The realty market has achieved phenomenal growth in the last few years and in order to address the builder-consumer complaints, the government will set up a regulatory body in Delhi over the next six months.

Speaking at the inauguration of a two-day international real estate conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Jaipal Reddy, Union Minister for Urban Development, said the regulator would be headed by an eminent personality and would have quasi-judicial authority.

While issues such as land prices would remain outside its purview, the regulator would take up complaints of consumers and issues relating to land documents for the builders.

Delhi’s prominance

The regulator would be set up with the backing of a model legislation and land being a State subject, other States would be encouraged to do the same with modifications.

Delhi has emerged as the top among 48 cities, including Mumbai, as the best place to reside and in the business environment index, according to a report by Ernst & Young — the FICCI-E&Y Indian Real Estate Report-2007 — Growth and new destinations — which was released at the conference.

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