In a written reply in the Rajya Sabha today she said, in order to promote planned and healthy real estate development of colonies and apartments with a view to protecting consumer interest and to facilitate smooth and speedy urban construction, the Ministry of Housing & Urban Poverty Alleviation in consultation with various stakeholders had prepared a draft Model Real Estate (Regulation of Development) Act 200___ and the same was put on the website of the Ministry. Comments/suggestions on the draft bill were invited from public and other stakeholders including State Governments and Union Territory administrations, business chambers, etc.

She said, the proposed regulatory mechanism will be finalized by the Ministry after taking into consideration suggestions received from the States, business chambers, developers, experts and other stakeholders, as also views of Ministry of Law & Justice. However, no time frame for its finalization can be assigned at this stage.