Allaying fears of developers on the proposed law that aims to bring in transparency and protect home buyers, the Government on Friday said it would modify the Real Estate Regulatory Bill if necessary.
Addressing a meeting of realtors body CREDAI, Minister of Housing and Urban Poverty Alleviation Girija Vyas said she would take up various issues concerning the sector, such as taxation, delay in approval and scarcity of fund, with the Prime Minister and the Finance Minister, possibly next month.
“There is no reason for worry. The Real Estate Bill will be your friend. We don’t want to bring in inspector raj. The Real Estate Bill will be suitably modified, if necessary,” she said.
The Real Estate (Regulation and Development) Bill, introduced in Parliament recently, has been referred to a standing committee, she added.
The industry has raised concerns that the Bill in the present form would push up prices by 30 per cent and it wants a comprehensive regulatory authority covering all stakeholders.