Real estate regulator likely within six months: Jaipal Reddy

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Mumbai, Sep 27 (UNI) The Union Government is planning to come up with a regulatory structure in real estate industry within six months.

The regulator, which will be a quasi-judicial structure, will first be implemented in Delhi and later in other states, Union Minister for Urban Development S Jaipal Reddy said here today.

Speaking to reporters on the sidelines of a seminar organized by FICCI, Mr Reddy said the regulator will address the problems concerning builders and users.

''We are working on the proposal and it is expected to reach a final form in six months. We have been recieving a lot of complaints from the consumers who have been cheated in real estate deals. This has made it necessary to have a regulator in big cities,'' Mr Reddy said.

Mr Reddy said the government has a total investment plan of Rs 1,00,000 crore in the infrastructure sector of which Rs 20,000 crore has already been sanctioned.

''This amount will be spent on addressing various issues ranging from drinking water shortage, sewage issues and residential constraints,'' he said.

''Through private-public-partnership (PPP), we aim to give a facelift to the cities across the country. Slums need not remain slums in future,'' he said.

This apart, the investment for private transportation will be raised from the current 20 per cent to 30-35 per cent of the total infrastructure investments in near term. As part of this, the government will encourage public bus transportation system in PPP model.

''These will include airconditioned buses of global standards. In the first phase, the project wll be implemented in cities including Bhopal, Vijaywada, Pune, Indore and Nagpur,'' he said.

On the issue of the Urban Land Ceiling Act, Mr Reddy said the act will be scrapped in Andhra Pradesh by the end of this financial year followed by states like Maharashtra and West Bengal.

Mr Reddy said the shortage of skill set in the real estate industry was a major problem.


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