Developers Welcome
The Real Estate Regulatory Bill
The passing of the long-pending Indian Real Estate Regulatory Bill, which was being hotly debated and second-guessed for far too long, is an unequivocal victory for the Indian real estate sector.
Mr. Arvind Jain, Managing
Director - Pride Group:
The real estate regulatory bill has been long in the pipeline, and has now cleared all roadblocks and become a law.
Various decision makers involved in it had been ambiguous about
their stance towards this vital regulator, and as a result it remained pending.
Now, it has finally received the green signal and is all set to revolutionize
the Indian realty market. It will empower consumers by giving them confidence
while making their real estate investments.
It imposes strict regulations on
how developers conduct
their business, and underwent various redrafts aimed at doing this. It is very
encouraging that the bill is now a reality.
Mr. Kishor Pate, CMD - Amit
Enterprises Housing Ltd:
The real estate needed the
Real Estate Regulatory bill more than any other single piece of legislation,
even though GST, the Land Acquisition & Rehabilitation Bill, single window
clearance and industry status are by now means of less importance.
The
industry has been in express need of an apex body via which all concerns of
consumers can be addressed transparently and efficiently. We will now see a
radical transformation of the entire residential sector.
Strict enforcement of
project delivery timelines, verifiable construction quality and assurance of
legal clearances will finally become a reality, and the consumer confidence
which had all but evaporated will return. It is a most welcome
development.
Mr. Anil Pharande, Chairman -
Pharande Spaces:
The Indian real estate sector
has historically been unregulated & very disorganized.
Unfortunately, the
unorganized segment has so far represented the largest share of the market, and
it is in this segment that consumers have in innumerable cases been held hostage
to by unscrupulous practices of ruthless developers.
The
real estate regulatory bill was drafted with a vision to give clarity and
assurance to real estate buyers via various strictures. Now that it has become
an enforceable law, it will have a profoundly positive effect on how both
domestic and global investors view Indian real estate. More importantly, it will
give homebuyers a strong measure of assurance.
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Kalghatgi
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