- October 7, 2016
- Posted by: amdaindia
- Category: Urban News
Union Urban Development Minister, M Venkaiah Naidu, has said that the Real Estate (Regulation and Development) Act, 2016 would not only make the consumer the king but also bring a much-needed regulation and transparency into the burgeoning sector.
While inaugurating a two-day annual conference in Hubballi, Naidu said the Act would create a set of rights and obligations for both the consumers and developers. “It will encourage both of them to live up to the expectations of each other as per the agreement by both of them. Genuine developers needn’t worry about the new policy as it will only affect fake developers,” he said.
The minister pointed out that unauthorised construction have become rampant in most of the cities, and “the local authority should take responsibility and take necessary actions to prevent illegal and unauthorised constructions.”
Naidu also called upon developers to serve the nation with their corporate social responsibility and asked them to introduce various government housing schemes.