Taking note of the spurt in property prices in urban areas of the country, the Centre said on Friday it was considering framing a suitable model legislation for adoption by the state governments to keep a check on further escalations.
"Framing of a suitable model legislation for adoption by the state governments is under active consideration of the government," minister of state for urban development Ajay Maken told the Lok Sabha in a written reply.
The minister said to analyse the causes of the upsurge, the Town and Country Planning Organisation of his ministry had recently conducted urban land price studies in selected cities -- Lucknow, Thiruvananthapuram, Hyderabad and Delhi.
He said the studies revealed that scarcity of developed land, rise in income patterns, increase in urban population, better infrastructural facilites and investment value of the land were among reasons behind the increase in demand.
"Further, as per information collected from other sources, factors like increase in cost of raw material such as steel and cement and decline in interest rates on housing loans, rapid growth in IT/BPO and other service industries are also responsible for increase in property prices," Maken said.
Fast Track Courts: Government has made a provision of Rs 509 crore (Rs 5.09 billion) for continuation of 1,562 fast track courts in the country for a period of five years beyond March 31, 2005.
Law minister H R Bhardwaj told the Lok Sabha that of the total cases entrusted to the FTCs since their inception, 8,92,992 cases were disposed off by them and 7,45,133 cases were pending.
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