Real estate bill to be discussed next week

Secretary of Ministry of Housing and Urban Poverty Alleviation Arun Kumar Misra has said that the Cabinet will discuss about real estate bill next week. The Cabinet is also to discuss about establishing a real-estate regulator to reign in greedy builders and safeguard the buyers' interest. The bill aims at increasing accountability of real estate intermediaries and bulk buyers, to put an end to speculation in the sector and protect the interests of buyers. Mishra told a private business news channel that the Ministry will take the bill to cabinet next week. Misra said the final bill has a provision of regulating the real estate agents also. Now such real estate agents also should be registered and will be accountable to the buyer. The original draft of bill had accounted for bulk sales and bulk purchases. The original draft is very clear and the present draft is very clear that builders are construction projects not for speculation, but for use of a buyer. Obviously, any bulk purchaser or bulk seller will be considered to be a promoter and will be equally responsible like a promoter, he added.