new delhi the muchawaited real estate regulation bill 2011 which seeks to protect homebuyers from flybynight developers is under process of consultation by various ministriesthe draft bill is almost being finalised we have sent the bill to law ministry for their approval and subsequently we will sending it to other ministries for approval ministry of housing and urban poverty alleviation joint secretary sk singh said todaysingh who was speaking to reporters on the sidelines of a rics event here said the bill would go to the cabinet for approval after all the ministries have vetted it but declined to give a timeline for placing it in parliamentthe bill which has been drafted taking into account the interests of all stakeholders and real estate developers would set the tone for reforms in the housing sectorthe bill will not cover the pricing of property as the intention is not to strangulate the sector but to make real estate properties easily available singh saidthe bill is in the making for more than three years now sources in the housing and poverty alleviation ministry said since land is a state subject and there are many issues involved in the enactment of the billthe centre can only enact a model bill which can be referred to the state government for their considerationthere is a demandsupply gap for low cost houses and the purpose of the bill is to protect the interest of consumers while also taking into account the concerns of stakeholders singh was speaking at the book launch of ukbased self regulatory body for qualifications and standards royal institution of chartered surveyors ricsrics on friday launched the india edition of the red book which lays down mandatory rules for its membersthe book would provide guidance on valuation of real estate properties under the current accounting standards and would help valuers in different ways including mergers and acquisitions rics india country head sachin sandhir said