"The government has taken a major initiative in the shape of a model real estate (regulation of development) act for which the ministry has held preliminary discussions with various stakeholders," housing and urban poverty alleviation minister Kumari Selja on Monday said.
A draft bill to promote planned and healthy real estate development of colonies and apartments, with a view to protecting consumer interest and facilitating smooth and speedy urban construction, has been put on the website of the ministry for comments from experts and public, she said.
The ministry is also encouraging institutionalized financing and formal channels of credit.
The United Nations has declared "planning our urban future" as the theme of world habitat day 2009, being celebrated today.
"In both developed and developing countries, cities and towns are increasingly feeling the effects of climate change, resource depletion, food insecurity, population growth and economic instability," Selja said, explaining the reason for choosing this theme.