New Delhi, Oct 2 (UNI) With unscrupulous practices reigning the lucrative real estate market, realty players has welcomed Government's decision to set up a regulatory body for the sector.
''With the increasing malpractices in the real estate market, it was imperative to regulate the realty market much earlier, '' said Ansal API Director Pranav Ansal.
He said such a body will make realty market more competitive.
Parsvnath Developers Chairman Pradeep Jain said, ''We are happy with the decision. With sectors like telecom, banking, being regulated the real estate market also needs a regulator.'' Minister for Urban Development S Jaipal Reddy has said on the sidelines of the Real Estate Summit last week that the Government of India is planning to set-up a regulatory body, which is expected to be functional in the next six months.
The body will address the complaints of builders and consumers in Delhi. It will be a model legislation and the central government will ask all the state governments to emulate the legislation.
''Since land is a state subject it cannot be governed under the national laws. Hence we have set up a model law in Delhi and will ask the state governments to follow the same,'' he said.
Mr Reddy also said that to rationalise the property prices, he will ask the state government to consider reducing the stamp duty on property.
''The regulator will benefit the consumers of small flats as it will give protection and will also benefit builders who face lot of problems,'' the Minister claimed.