The Union housing and urban poverty alleviation ministry is expected to come out with a bill aimed at taming the demand supply mismatch in housing consumption in big cities. The ministry has invited expert and public opinion for the proposed legislation.
The ministry has already held preliminary discussions with various stakeholders. The government has initiated the process of shaping a model Real Estate (Regulation of Development) Act in this wake. The ministry has targeted to promote planned and healthy real estate development of colonies and apartments, keeping protection of consumer interest in view. The proposed bill is expected to facilitate smooth and speedy urban construction.
More efforts would be taken to encourage institutionalised financing and formal channels of credit. Developing countries are facing increasing effects of climate change, resource depletion, food insecurity, population growth and economic instability.
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