The minister for housing and urban poverty alleviation has announced a model bill for regulating the real estate sector by August-September timeframe.
The Model Bill would propose a regulator and aim to address the concerns of consumers as well as the real estate industry. The minister for housing and urban poverty alleviation, Kumari Selja said, “We have initiated a dialogue with all key stakeholders including private sector, NGOs, and various States to prepare the model Bill for regulating the real estate sector.”
Bangalore-based realtor Ozonegroup has announced the launch of its maiden township project — ‘The Metrozone’ — in Chennai. The project will be a joint venture between Ozonegroup, HDFC India Real Estate Fund and Urban Infrastructure Opportunities Fund and would involve an overall investment of Rs 2,500 crore and is likely to be completed in about 52 months. Spread over an area of 42.5 acres, the township offers apartments, penthouses and commercial space for hospitality, retail and offices.Sudarshan KS, COO of Ozonegroup said that the first phase of the township is scheduled to be delivered by November 2010
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Govt Announces Bill to Regulate Real Estate Sector by Aug-sep
