Real estate regulatory body to be part of state’s new housing policy
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Even as the Punjab government finalises the draft of its new housing policy focusing on rationalisation of all charges and a no-limit Floor Area Ratio (FAR), the state is also mulling over setting up a real estate regulatory authority as part of the new policy.
The idea has been picked up from the draft of the Real Estate (Regulation & Development) Bill-2011 of the Union Ministry of Housing and Urban Poverty Alleviation.
The central Bill proposes to establish a "real estate regulatory authority" for regulating the activities of the real estate sector to ensure that properties are sold in a transparent manner and the interest of the consumers in the real estate sector are protected.
According to sources in the housing department, the authority will act as a nodal agency to coordinate the government's efforts regarding the sector's development in order to ensure compliance of the obligations cast upon the promoters and allottees under this Act and the rules and regulations made there under.
"The authority will have powers to receive complaints from allottees and also take suo moto cognisance of violation of norms done by a promoter. This is expected to take care of the many problems that allottees are facing, including non-delivery of houses, blocking of funds with builders, etc," said a department official.
The Bill also proposes to establish an appellate tribunal to adjudicate disputes and hear appeals about the decisions or orders of the authority. The tribunal will adjudicate any dispute between a promoter and an allottee, a promoter and authority and the government and the authority.
Sources said the new housing policy will also give the real estate sector the status of an industry, as had been done by some other states in the country. Majority of the inputs of the policy are coming from the real estate policies being followed in Gujarat and Maharashtra.