Kerala to bring law to regulate reality sector

Kerala Cabinet on Wednesday directed the Law Department to redraft legislation proposed earlier to check exploitation in the real estate sector.

Talking to the media after the Cabinet meeting, Chief Minister Oommen Chandy said that the Real Estate Development and Regulation Bill would have provisions to ensure proper control of the real estate sector. There were many complaints now that developers of apartments and other properties were cheating people including overseas Keralites. The proposed law will protect the interests of the buyers.

The Chief Minister recalled that the Cabinet earlier discussed and decided on a draft proposed by the State Housing Board to regulate the real estate sector. However, its enactment was kept in abeyance because of a proposal by the Centre to bring legislation on the subject.

Though the Central legislation was approved by the Rajya Sabha, it was not adopted by Lok Sabha. Now, there was uncertainty about the Central law. Hence, the Cabinet decision to revive the plan for State legislation subject to the understanding that it would be modified in tune with the Central law, if one is enacted by the Centre.

Mr. Chandy said that he was not certain whether the Bill could be taken up by the coming Assembly session as replacement of Ordinances would have to be given priority.

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Kerala to bring law to regulate reality sector