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India: Real estate regulator may not monitor commercial projects

Posted on 28 February 2013

In a move that may bring relief to developers, the Ministry of Housing & Urban Poverty Alleviation has decided to keep commercial offices and shops/malls out of the purview of the Real Estate (Regulation & Development) Bill. The Bill, in the making for about five years now, will only regulate the housing sector, said a senior ministry official.
The current draft Bill mandates developers to keep aside about 70 per cent of the collected amount from buyers in a separate account. The ministry may lower the limit to 50 per cent or make it construction-linked………………………………………..Full Article: Source


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