The
Real Estate Bill aims to penalise developers / promoters for failing to deliver on time, there is no
clarity on what happens if the delay is due to the failure of government
agencies to give timely approvals.
Says
Niranjan Hiranandani, MD, Hiranandani group of companies: Approvals take
anywhere between two to three (2 to 3) years to come through. This delays
projects and leads to cost escalation. The real estate regulator should be in a
position to grant approvals to developers / promoters in case the authorities
fail to do so.The Real Estate Bill does not provide for any relief to
developers on this count.
Several
builders have demanded that the authorities should also be made accountable for
granting approvals within a certain time frame.
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