Regulatory mechanism for real estate developers

As per Entry 5 of the State List in the 7th Schedule of the Constitution of India, "Local Government" is a State subject. The regulation of activities of property developers and builders comes under the purview of State Governments, Urban Local Bodies/ Development Authorities under the provisions of State Town & Country Planning/ City Development Authority Acts. However, the Government is considering formulation of a Real Estate Management (Regulation and Control) Bill, which will be applicable to the National Capital Territory of Delhi and will also act as a model legislation for other States. The Bill is at a draft stage. Market forces determine the land prices and the Government does not regulate/control prices of land. This information was given by the Minister of State for Urban Development Shri Ajay Maken in a written reply to an un-starred question in the Rajya Sabha today.

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