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HOUSING AND URBAN POVERTY ALLEVIATION

Monitoring Mechanism for Real Estate Projects

New Delhi: December 12,2012

The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 and the West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993 enable the respective State Governments to monitor timely completion of real estate projects for Mumbai and Kolkata. This was stated by Shri Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA), in the Rajya Sabha today, in a written reply to a question by Shri Kaptan Singh Solanki.

 

The Minister stated that Enabling provisions have been made in various States like Maharashtra, Punjab, Uttar Pradesh, West Bengal and Andhra Pradesh through the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963; the Punjab Apartment and Property Regulation Act, 1995; the Uttar Pradesh Ownership of Flats Act 1975; the West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993; and the Andhra Pradesh Apartments (Promotion of Construction and Ownership) Act, 1987 respectively for resolution of disputes between builders and buyers.

 

The Minister further stated In order to provide a uniform regulatory environment to enforce disclosure, fair practice and accountability norms and fast track dispute resolution mechanism in real estate transactions, the Ministry of Housing & Urban Poverty Alleviation has drafted a Bill titled ‘Real Estate (Regulation & Development) Bill, 2012 in consultation with all stakeholders. Provisions for dispute resolution mechanism have been brought out in the said Bill. Since necessary approvals for introducing the same in Parliament have not been received, no time frame can be assigned for its finalization at this juncture.

 
PIB Release/DL/1215

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