Press Trust of India | Oct 03, 2016 21:45 IST
Union Urban Development Minister M Venkaiah Naidu said on Monday that the Centre has finalised rules for the Real Estate (Regulation and Development) Act, which will be communicated to the states soon, allowing them to set up regulators for the sector.
“The Real Estate bill has already been approved and we have finalised the rules too. Now, we will communicate to the states shortly and the states must appoint regulators within a period of six months… it will be a reality now,” Mr Naidu said.
Emphasising that the Act brings in transparency and accountability in the real estate sector, he urged the private sector to join hands with the Centre to meet the shortage of houses in the country.
“This is a regulation and not a strangulation. We want the private sector to join in a big way to take on the challenge of housing shortage in the country.”