Regulatory authority for real estate

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In a move to check malpractices in real estate in Delhi and the National Capital Region (NCR), the union ministry of urban development has decided to set up a regulatory authority by early next year to curb these activities, and also to look into the grievances of builders and developers.

Stating this at a conference on ‘Urban Land Markets and Finances’ organised by ASSOCHAM in New Delhi, union minister for urban development Jaipal Reddy said the proposed authority will work as a role model for other states to follow, particularly in view of growing real estate activities throughout the country, so that the consumers get a fair deal.

The minister said the urban development ministry has also taken a policy decision that wherever space around commercial streets is available, the private sector can put up small hotels and motels in order to create additional spaces for tourists to overcome the problem of hotel shortage.

On the issue of stamp duty and multiple clearances required for real estate activities, Reddy said that his ministry would shortly be issuing directives to all states and UTs to reduce stamp duty to around 4 per cent, and evolve single-window system for clearances to enable builders to commence their building operations without any delay.

The minister regreted that currently builders are required to obtain clearances in 18 months from multiple centre and state authorities before starting construction.
Reacting on room shortages in hotels, particularly in metro cities like Delhi, Reddy said that additional lands will be allocated to hoteliers so that chains of hotels are set up and room shortage problems are resolved.

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