News: 'Indian real estate regulator likely next year'

(PTI 10/10/2006) New Delhi - The government is likely to introduce a bill in the Parliament next year to set up a regulator for the real estate sector to protect the interests of customers and other stakeholders.

The union government will also pursue repeal of urban land ceiling act and reduction of stamp duty with state governments by making them one of the conditions for release of grants, aggregating Rs 50,000 crore, under the Jawaharlal Nehru Urban Renewal Mission in the next six years.

"The bill would be given final shape next year and brought in the Parliament," Urban Development Minister S Jaipal Reddy told reporters on the sidelines of a seminar on real estate here last night.

He said the issue of protection of customers and other stakeholders will figure in the bill.

Pointing out that urban land ceiling act and stamp duties, which drew flak from speakers at the seminar, are state subjects, Reddy said the union government would pursue these issue with states.

While entering into a memorandum of agreements with state governments for release of grants under the mission, the Centre would put conditions for abolition of urban land ceiling acts and curtailment of stamp duties, he said.