Indian real
estate developers body CREDAI (Confederation of Real Estate Developers
Associations of India) recently criticised the proposed Real Estate Regulatory
Bill, which is expected to be tabled in the Winter Session of Parliament
beginning today, saying it is 'anti-people'.
The Bill aims
to establish a regulatory authority for the real estate sector.
 |
| Mr. Lalit Kumar Jain, National President, CREDAI |
Anti
People..!
The CREDAI
has termed the Bill as anti-people and said the sweeping powers sought to be
vested with the regulator will lead to corruption instead of checking it.
Mr. Lalit
Kumar Jain, National President, CREDAI said, "We whole-heartedly welcome
the government's intention to assist consumers in realty space, but the Real
Estate Regulatory Bill in its present form does not solve the problem and
rather will prove to be inflationary and breeding ground for corruption."
The Bill, Mr.
Lalit Kumar Jain said, seeks to allow manual property registrations and even
empowers the regulator to reject them.
The Bill also
provides for depositing 70% of the sale price in a bank account, he said,
adding, "blocking such a large amount will also kill liquidity &
business expansion."
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