Builders'
Association of India (BAI) said it has welcomed Centre's move to clear the Real
Estate (Regulation and Development) Bill and hoped that the same would be
passed in the Parliement's monsoon session.
"We
welcome the Bill & hope that it will
be passed by the Parliament in the forthcoming monsoon session, and thereafter
respective states would also pass the bill in their respective
assemblies," BAI General Secratery Mr. Anand Gupta said in a statement
here.
"BAI
has represented to the Central & state governments to regulate the real
estate sector, which in its stupendous growth, has been attracting many players
with dubious records.
"It
is because of easier entry into this sector, which does not have any control
like registration and regulations, these fly-by-night operators have brought
bad name to the real estate industry. Today any one can become a
developer" Mr. Anand Gupta further said.
Gupta
added that the Bill must fix up registration & prequalification criteria for any one to register
as real estate developer / builder.
"Importantly the responsibilities of the
various stake holders such as developer
/ promoter, local self governments, state government & the Centre should be very clearly defined and
all should abide by a predefined time-bound programme for the completion of
project."
Long
time-frame to complete projects due to various hindrances such as Government
approval process, project finance & title issues have been the biggest
problems faced by the real estate industry in India today.
Launching
a housing project normally needs more than 55 approvals from various
departments of local self government as well as the state & central
governments, which takes minimum 15 to 24 months for compliances, Mr. Anand
Gupta said.
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