Realty watchdog Bill soon: Ajay Maken
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The Central government is giving final touches to the Bill for a watchdog for the real-estate sector.
Housing Minister Ajay Maken Sunday said the Real Estate Regulation and Development Bill would be introduced in the Budget session after it is approved by the Cabinet.
The Bill proposes a fine which may be up to 10 per cent of the project cost to deter builders from putting out misleading advertisements about projects. Repeat of such offence could land the developer in jail, Maken said.
The ministry, along with the RBI is also planning the Housing Startup Index. "The index will serve as a tool to reflect the change in housing sector and related industries vis a vis the economy," Maken said. He also said a single-window system for permissions and approvals from various authorities for housing developers would be put in place. "The system is expected to bring down average approval time from 196 days to 45-60 days," he said.
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