Maharashtra Housing
(Regulation and Promotion of Construction, Sale, Management and Transfer) Act..
by Mr. Anuj Puri,
Chairman & Country Head, Jones Lang LaSalle India:
The introduction of
the Maharashtra Housing (Regulation and Promotion of Construction, Sale,
Management and Transfer) Act can potentially have a very positive impact. It is
certainly a concept whose time has come.
The biggest advantage
that it offers to buyers as industry stakeholders is that there will be an
arbitrating body available to attend to their grievances and redressals. There
has to be accountability at all levels of the approval process, and it needs to
include all stakeholders involved with real estate - including the architect,
the contractor and the developer. The housing regulator can potentially benefit
buyers as well as all other stakeholders.
As of today, the real
estate industry faces issues in terms of insufficient transparency over cost
and timeframes and also lacks sufficient depth when it comes to credible
developers. Hopefully, the State-level housing regulator will implement systems
which will mitigate risks and increase accountability. It can potentially boost
transparency by standardizing practices, streamlining procedure systems and
attending to consumer grievances in a decisive and timely manner. It will
therefore help in bringing about a greater level of trust between buyers,
sellers, developers and financial institutions that fund the real estate
sector. It can also help curb speculative activity in the sector and contribute
towards keeping prices in check.
If the correct
processes are followed as outlined, developers will benefit as much as buyers.
As things stand today, developers have to go through very tedious,
time-consuming and indefinite approval procedures. While it is not certain
whether the Act will provide single-window clearance of projects, it would be
ideal if such a system were also introduced.
For Media contact
Arun Chitnis
Head – Corporate
Communications & Media Relations
Jones Lang LaSalle
India
Level 6, Amar Avinash
Corporate Plaza
Bund Garden Road,
Pune - 411 001.
Tele: 020 - 3093 0441
Fax: 020 - 4019 6101
Mobile: +91
9657129999
Website:
www.joneslanglasalle.co.in
Blog: www.joneslanglasalleblog.com/realestatecompass
Twitter:
@JLLIndia_Realty
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