Thursday, July 12, 2007

Indian Developers want self-regulatory body with punitive authority

The National Real Estate Development Council, a trade group, has proposed the formation of a self-regulatory real estate authority to try and avoid government controls.
The proposed authority will operate at four levels—centre, state, district and town level, said R.R. Singh, director general of the council. It will have representation from stakeholders such as the ministries of urban development, and housing and urban poverty alleviation, as well as real estate developers and other land managing bodies such as the Delhi Development Authority.
The proposal comes even as the government has also talked about a watchdog.
“The lack of a regulatory authority is affecting the real estate sector,” Singh said. “We want self-regulation and not a government controlled regulatory body.”.....Developers want self-regulatory body with punitive authority - livemint


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