New Delhi: The Central Government on Wednesday initiated the extensive debate on finalizing the draft Real Estate (Regulation & Development) Bill, 2011, which is facing strong resentment from the realtor groups owing to the several unacceptable provisions in it.

Several issues concerning to the regulation and development of real estate were discussed on Wednesday in a meeting presided by Kumari Selja, Minister of Housing and Urban Poverty Alleviation with various stakeholders including representatives of state governments, industry associations, consumer welfare  groups and technical and legal experts.

“We have received more than 700 suggestions from the experts of the field. These suggestions are under due consideration and we will soon reach to a consensus over the bill,” said Selja.

Sources said the developers sought the government to bring relaxation in the provisions of the bill.

She further said that the government aims at bringing a law that carefully balances the interest of both the consumers and the developers.

“We want to put responsibility on both the consumers and the developers so that their interests are equally catered. The bill is aimed at ensuring greater accountability towards consumers, reducing frauds and delays, encouraging investment and boosting the sector,” the minister said.