Hailing the
Cabinet's approval of real estate regulatory bill, realtor estate body NAREDCO (National Real Estate
Development Council) said the proposed law will bring transparency in the
sector, while helping home buyers in redressal of their grievances.
The Cabinet
today approved the Real Estate Regulation and Development Bill. It provides for
setting up a regulator for the real ESTATE sector and having provisions like a
jail term of up to three years for developers who make offences like putting up
misleading advertisements about projects repeatedly.
Mr. Naveen
Raheja, President, National Real Estate Development Council, said "It
is a welcome step. We had been waiting for the same since long as it would
bring buyers at ease along with transparency & respect to the sector"
.
The proposed
real estate law will protect the interest of all stakeholders & also help
check unscrupulous players in the sector, he added.
"This now
would help to establish a regulatory authority for enforcing fair practice and
accountability norms and fast track dispute resolution mechanism in real estate
transactions," Mr. Naveen Raheja said.
Mr. Anshuman
Magazine, Chairman & MD, Global real
estate consultant - CBRE South Asia said: "Real estate regulator bill
should have been more balanced (while) taking view of challenges faced by developers
and consumer grievances"
"While
consumers need protection, for real estate development to happen more
efficiently, and in a transparent manner, administrative reforms are required
urgently," Mr. Anshuman Magazine also said.
The bill
intends to make it mandatory for developers to launch projects only after
acquiring all statutory clearances from relevant authorities. It also seeks to
make it mandatory for builders to clarify the carpet area of the flat.
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