The
approval of the Real Estate Bill by the Cabinet is a small victory for India's
long suffering real estate (property)
buyers.
Last
week, the Union Cabinet approved the draft Real Estate (Regulation and
Development) Bill 2013 that allows for the creation of a regulator in the real
estate sector.
Once
passed by Parliament & subsequently
adopted by each state, it will allow for the creation of a real estate
regulator in each state (real estate being a state subject).
While
the Real Estate Bill applies to residential properties, commercial real estate
has been kept out of its purview. Let us examine the pros and cons of the draft
Real Estate Bill in its latest avatar.
Once
the Bill gets enacted, it will provide considerable relief to the property
buyer who faces innumerable difficulties &
at times even gets duped by developers / developers and brokers.
Mr.
Anuj Puri,chairman and country head, Jones Lang LaSalle India (JLL India),
points to 2 specific aspects of the Bill that will benefit buyers. By imposing
strict regulations on the promoter, the Bill looks to ensure that construction
is completed on time, and on completion the buyer gets a property that matches
the promised specifications, he says.
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