Cabinet’s approval of real estate regulatory bill

By Accommodation Times News Service

Mr. Brotin Banerjee, MD & CEO, Tata Housing

“The proposed setup of a regulator will not only protect consumer interests but will also ensure fair practices and accountability on the part of industry players. However, the Bill should be more balanced and should include clauses that protect developers as well. We believe that the government understands the impediments faced by the industry due to delays in clearances and thus should ensure setting up of a Single Window Clearance mechanism to avoid unnecessary delays. The notion that the industry is not regulated is debatable. It is in-fact over-regulated given that a multitude of government agencies need to approve projects leading to inordinate delays.  Even government officials should be held accountable for an efficient and transparent approval process.”

Mr. Ravi Saund, COO, CHD Developers Ltd.

“We are extremely happy that the Cabinet has finally given a nod to a real estate regulator and laid down norms to safeguard the interest of the home buyers. We have been long advocating the need of a regulator to streamline the processes and infuse transparency in the system.  At CHD, we have consistently emphasized on the need for transparent dealings with the consumer. To this effect, we have a ‘Blue Book’ at each of our projects which preserve all the permissions, layout maps, and clearances that we have received for each project. In this way we remove even the smallest of doubts that the buyer has before investing in our project. The Bill which aids in a uniform regulatory environment will curb fraudulent land acquisition, delays in fund transfers and money laundering. The move, I feel, was much needed in the sector which is notorious for unscrupulous deals. This would not just eliminate a home buyer’s apprehension but also lift the image of the real estate sector.”

Mr. Vimal Shah, President, MCHI-CREDAI

“In its zeal to curb a small section of erring developers, the government is punishing the whole industry. The bill makes it mandatory for a developer to obtain all clearances before commencing a project, but it does not take into account the inordinate delays in project approvals on the part of government bodies and local authorities.”The Regulator can be effective only if it is in position to Regulate all constituents of the Real Estate Industry ie. Developer, Land Owner, Approving Authorities and Customers.  The bill provides for regulating only one of these. The bill will only increase the cost of Premises which is going to harm the customer the maximum.

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