By IANS
New Delhi : A regulatory authority will be set up soon in the national capital to oversee and stop malpractices in the realty industry, Urban Development Minister S. Jaipal Reddy said here Wednesday.
The proposed authority would work as a role model for other states to follow in view of growing real estate activity in the country so that consumers get a fair deal, the minister told a seminar on “Urban Land Market and Finances”.
“The authority will also address the grievances of builders and developers. It will come into effect by early 2008,” Reddy told the seminar organised by the Associated Chambers of Commerce and Industry (Assocham).
He said his ministry has taken a policy decision that wherever space around commercial streets is available, the private sector can put up small hotels and motels to fill the shortfall of hotels and create additional spaces for tourists.
The minister regretted that currently builders are required to obtain clearances in 18 months from multiple authorities before they commence their developmental activities, and promised to look into the issue of high stamp duties.
Accordingly, he said that directives would be issued soon to all states and union territories to reduce stamp duty to around four percent and evolve a single window system for clearances to help builders start their operations without delay.