Regulatory Authority is important in the interest of Real Estate Growth..!

Mr. N. Nandakumar, President – Tamil Nadu, CREDAI, says, “Among other things, we have also expressed our reservations over the need for personal permission in the approval of real estate projects. Considering that a developer/ promoter/ developer can apply online with all the necessary documents, I do not see the reason for further human intervention, as it only slows the process.”

Mr. N. Nandakumar is all for an overarching Realty regulatory authority, as he believes that it is important in the interest of growth. The failure of the present system, in his words, “is how the track record of a developer / promoter hardly plays a part in influencing the buyers’ decision. People are purchasing real estate based on the price & location. It is such a system that has caused the Moulivakkam tragedy.”

N. Nandakumar, President – Tamil Nadu, CREDAI

Mr. Nandakumar believes that Maharashtra has done a commendable job by not simply waiting in the wings for the proposed national real estate bill to get approval.

“It is great that Maharashtra has been proactive, and believes that it has the ability to regulate itself,” he says. Would not it cause confusion, though, should the national bill be different in its formulation?

“The state simply has to create amendments to modify its existing rules then,” he says. “It is much better than having nothing in place.” Perhaps Tamil Nadu can take a leaf out of Maharashtra’s book, especially in the aftermath of the monumental tragedy it has just experienced.

Scarily, developers/ promoters  with a record of faulty buildings are allowed to keep working on new projects regulatory authority for the state. Despite repeated attempts, CMDA officials remained unavailable for comments on this topic.

The Confederation of Real Estate Developers’ Association of India (CREDAI) has provided the state government with a list of changes to be adopted into its upcoming real estate regulatory bill.

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