Minister of Urban Development Jaipal Reddy informed Rajya Sabha that the Government is considering formulation of a Real Estate Management (Regulation and Control) Bill applicable to the National Capital Territory.

"The Bill is at a draft stage," he said and noted that it will also act as a model legislation for other states.

Regulation of activities of property developers and builders comes under the purview of state governments, urban local bodies and development authorities, he said.

To a question about property prices, the Minister said a rise in real estate prices has been observed in the recent years and it could be attributed to fast growth rates and market factors.