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Construction : Web Exclusive | March 2013 | Source : Construction Update

Centre plans tough realty regulator: Maken

The Union government plans to set up a tough regulator for the real estate sector with provisions for even jail term for the developer for releasing misleading advertisements about projects, said the Union Minister for Housing and Urban Poverty Alleviation Ajay Maken.

The proposed regulator will also make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities. Maken said this at a National Editors’ Conference in Delhi on March 24.

The committee headed by former chairman of Competition Commission of India Dhanendra Kumar has recommended setting up a nodal agency that will act as a single-window and coordinate approvals from different authorities. The government will discuss with states to implement this.

For affordable housing projects, the panel has recommended a fast-track process with a 60-day clearance window. This will help increase the supply of housing in affordable category, said the Minister.

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