Looking into incomplete realty projects, homebuyer issues: Govt
The government said today that it is looking into the matter of a number of real estate projects lying incomplete and homebuyers' money stuck in them.
The Real Estate (Regulation and Development) Act, 2016 has already been enacted to protect the rights and interests of consumers, it said.
The Act aims at promoting uniformity and standardisation of business practices and transactions in the real estate sector, Minister of State for Corporate Affairs P P Chaudhary informed the Lok Sabha in a written reply.
The Act has been enacted by the Ministry of Housing and Urban Affairs.
To a query seeking details about the number of real estate projects lying incomplete and the number of homebuyers whose money has been stuck in these projects, Chaudhary said, "the matter is being looked into".