Consumer organisations also sought reduction in the upper limit of the project area from the proposed 4,000 square0 meters. They wanted the Ministry to specify the number of minimum units/flats being constructed beyond which registration becomes essential.
Representatives of the Indian real estate sector like CREDAI (Confederation of Real Estate Developers' Associations of India) and NAREDCO ( National Real Estate Development Council ), said constitution of the Real Estate Authority should be broad based to take care of interests of all stakeholders.
The Bill also attempts at building investor and client confidence. Along with mandatory public disclosure, the fast-track dispute resolution mechanism is expected to speed up delivery of justice, which would further augment credibility and facilitate larger investments in this sector in the long run.
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