New Delhi: The Government is likely to introduce a Bill in Parliament in 2007 to set up a regulator in the real estate sector to protect the interests of customers and other stakeholders.
The union government will also pursue repeal of urban land ceiling acts and reduction of stamp duty with state governments by making them one of the conditions for release of grants aggregating Rs 50,000 crore to them in the next six years under Jawahar Lal Nehru Urban Renewal Mission.
"The Bill would be given final shape next year and brought in Parliament," Urban Development Minister S Jaipal Reddy said on the sidelines of a seminar on real estate in New Delhi on Monday 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 the 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.
The matching contribution under the mission will be provided by states, the minister said.
Revealing that various states, in fact, have agreed to do away with the urban land ceiling act, Reddy said West Bengal Chief Minister Buddhadeb Bhattacharjee has decided to set up a cabinet committee to consider the issue.
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