Urban affairs minister Ram Jethmalani has joined as the chief patron of the self-regulatory body sponsored by Assocham for an organised and ethical development of the real estate in India. The new initiative comes in the wake of detailed discussion between the minister and a delegation led by Assocham president L Lakshman on giving an impetus to the real estate sector, according to a press release issued by the industry chamber.
The newly-formed institution _ National Real Estate Development Council (Naredco) _ is mandated to provide a better product to the consumers by evolving ethical practices and a voluntary code of conduct for all real estate players. As chief patron of the council, Jethmalani has nominated Construction Industry Development Council chairman G V Ramakrishna as the president of Naredco and three representatives of the Union government on its governing council, besides two public sector chiefs as founder members.
The Union government officials on the governing council are JP Murthy and S R Asthana, joint secretary and secretary respectively in the ministry of urban affairs and employment. The third, a joint secretary, is to be nominated by the ministry of food and consumer affairs. Hudco chairman and managing director V Suresh and National Housing Board chairman and managing director P P Vohra will be the founder-members of the Naredco governing council.
