'Regulatory environment in real estate sector needs to improve'

NEW DELHI: There is an urgent requirement for improving the regulatory environment and also bringing transparency in the real estate sector, said Ms Kumari Selja, Housing and Urban Poverty Alleviation Minister.

Ms Kumari Selja, said, “We are working on a central legislation to fill the regulatory gaps.” This statement has come after she had inaugurated the eighth 'International Real Estate Summit 2011' organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).

Ms Selja has said that the real estate sector has been an important growth driver and also the second largest employer after agriculture.

She said, “But the image of the real estate sector has suffered a huge dent due to recent housing scams and issues relating to land acquisition.”

Ms Selja has also stated that it was needed to make land acquisitions humane by making the land owner a partner in the urbanisation process and also giving them proper compensation to them.

She has also displayed hope that the new land acquisition bill, which has bagged the approval of the cabinet, will be passed soon. Moreover, she has directed the private sector to ink partnership with Centre to make affordable housing a reality.