In a move that may bring relief to developers, the Ministry of Housing & Urban Poverty Alleviation has decided to keep commercial offices and shops/malls out of the purview of the Real Estate (Regulation & Development) Bill.
The Bill, in the making for about five years now, will only regulate the housing sector, said a senior ministry official. The current draft Bill mandates developers to keep aside about 70 per cent of the collected amount from buyers in a separate account. The ministry may lower the limit to 50 per cent or make it construction-linked.
Links:
[1] http://admin.indiaenvironmentportal.org.in/news/real-estate-regulator-may-not-monitor-commercial-projects
[2] http://admin.indiaenvironmentportal.org.in/category/newspaper/business-standard-new-delhi
[3] http://admin.indiaenvironmentportal.org.in/category/thesaurus/housing-construction
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/construction-industry
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/ministry-housing-and-urban-poverty-alleviation
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/legislation
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/habitat-and-urbanisation