New Delhi, Aug. 11 : Asserting that the Real Estate Regulation Act (RERA) passed by Central Government was not meant to 'strangulate' anyone, the Centre on Thursday emphasised on striking a balance between the interests of the consumers and the private sector.
Speaking to the media here, Union Urban Development Minister M. Venkaiah Naidu said that the public feedback regarding the regulation will be received by the end of the day.
"We have to strike a balance between the interests of the consumers, and at the same time, we have to take care to see that the private people also participate in a big way.
As we know that this housing sector needs maximum participation both by public as well as private parties," he said.
Stating that he has already assured the House that it will be a regulation and not a strangulation, Naidu added that he has given necessary instructions to his department keeping in mind the complaints that he has received.
"I am asking my MoS Rao Inderjeet Singh to have a final look and the interest of consumers will be upmost in our mind.
We'll do everything possible to protect their interest," he said. Meanwhile, experts claims that the Real Estate Bill will bring in the much-needed transparency in the real estate sector and this will ultimately lead to flow of funds from foreign and domestic investors.
This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers.