Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Indian industry organization urges government to set up real estate regulator
+ -
13:40, August 05, 2009

 Related News
 India to protect farmers in goods agreement with ASEAN
 Indian economy likely to grow at 6.5 to 7%: official
 Indian state bank employees to go on strike for wage hike
 Comment  Tell A Friend
 Print Format  Save Article
A leading Indian industry organization Wednesday appealed to the government to appoint a real estate regulator to help expedite the redressal of consumer grievances.

"There is an urgent need for an efficient and focused regulatory body to overlook functioning of the real estate sector in order to ensure the industry development and safeguard of consumer interests in line with international benchmark," Sajjan Jindal, President, the Associated Chambers of Commerce and Industry of India (Assocham), said in a telephone interview.

The real estate regulator would ensure that the consumer grievances against developers, development authorities, real estate agents and financial institutions are addressed without any delay, he said.

Jindal said that opening of an escrow account for real estate players should be made mandatory to ensure transparency in real estate transactions.

The real estate industry elsewhere maintains an escrow account for development of a project, purchase of real estate units and honoring property charges.

"This facility needs to be encouraged by asking project developers to open an escrow account," Jindal said adding that "such accounts are also maintained for honoring property charges, insurance liabilities and maintenance charges on regular basis."

Source:Xinhua



  Your Message:   Most Commented:
Unveiled Rebiya Kadeer: a Uighur Dalai Lama
80 pct of netizens agree China should punish Facebook
LA police: Michael Jackson death may have been 'homicide'
Chinese netizens call for punishing Turkey
Al-Qaida threatens Chinese abroad

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6719351.pdf