The National Real
Estate Developers' Council (NAREDCO) wants rules & regulations governing
real estate industry to be rationalised. It said large portion of the
inconsistencies emerge from archaic laws, guidelines that conflict with the
development agenda of the economy, disparity in incentives given to larger
projects as against the same given to smaller projects.
Also, the current FDI
norms also make it difficult for smaller developers to access capital easily.
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| Navin Raheja, President, NAREDCO |
Mr.Navin Raheja,
President, NAREDCO said,
"The Real Estate Regulation & Development BIll 2013 is a hugely
positive step in this direction. But this can address the issues only in a
limited way. The industry would be more than happy to coordinate with the
government to iron out the inconsistencies prevalent in the system. While the
industry welcomes the positive intent of the central government, we believe
that the momentum gained should be utilised to iron out some of the issues.
This will not only help to unlock projects worth over Rs.10,000 crore, but will
also catalyse the economy with more vigour and vibrancy."
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| Sunil Mantri, Vice President,, NAREDCO |
Mr. Sunil Mantri,
Vice President,, NAREDCO said, '' Environment clearances take a long time. This
escalates cost. The current regulations on foreign investment make it difficult
for small developers / promoters to access low-cost capital. Now, the approvals
of building plans by the planning authority or a municipal corporation result
in abnormal delays. These are the issues that can be easily managed by a little
more imaginative thinking by the government & policy makers. As a sector,
the builders and developers/ promoters are accused of resorting to corrupt
practices. As a sector, we believe that the germination of corruption occurs in
prevalent systems and procedures"
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