Proposed Real Estate Regulatory Bill by central and state Govt.

K.V.Satyamurty ,President FAII
By Accommodation Times Bureau

For the first time in the history of the Accommodation Industry both the central and state governments are enacting the same legislation termed as THE REAL ESTATE REGULATORY BILL which seeks to control the builders and developers who are practicing in the cities and towns in MAHARASHTRA and this dual control will have a tremendous impact for the very survival of this mega crore industry specially in MUMBAI.
There can be no denying of the fact that MUMBAI city’s real estate prices are perhaps the highest in the world compared to NEW YORK, DUBAI, SINGAPORE or even HONGKONG therefore every government wants to put their finger in the pie and knockout some mileage and also control the very fundamentals of this mega operations for obvious reasons.
On the other side there can be no denying of the fact that there are a few black sheep in the Accommodation Industry but given the will and determination to act the existing laws like the Maharashtra Ownership Flat ACT, RIGHT TO INFORMATION ACT, CONSUMER RE-DRESSAL FORUM etc are sufficient to control the errant Builders & Estate agents and it will only lead to more harassment and more corruption if there are two authorities one at the center and the other at the state level to regulate and control this industry with two more laws !
Without going into the detailed provisions of the two legislations enacted by the CENTRAL & STATE GOVT. it would be pertinent to point out that no steps have been taken to remove the hurdles in the way of the industry like introduction of a ‘single window policy’ for approval of projects, granting permissions and approvals within stipulated time frame and also financing the industry in a more liberal manner to enable them to complete their projects in time.
If you study the market in MUMBAI carefully you will find that most of the properties left to be developed are either ‘CLUSTER REDEVELOPMENT PROJECTS’ or disputed plots/properties hence no regulation can eradicate the need for sustained negotiations and finding solutions .This is exactly what the BUILDERS and DEVELOPERS in MUMBAI are doing as almost every slum colony has political connections and every redevelopment project has at least a dozen court cases ! Can legislation solve them ?
The need of the hour is to find solutions and help the ACCOMMODATION INDUSTRY to transform MUMBAI city with better and safer economical homes. It stands to reason and commonsense that more the supply of flats the prices are bound to fall and affordable housing will bring a sigh of relief and cheer to the needy home purchasers.
Therefore instead of strangulating the ACCOMMODATION INDUSTRY with dual legislations which will do more harm than good both the CENTRAL and STATE GOVERNMENTS need to evolve ways and means to remove all needless controls which only adds to costs and causes endless delay in completing the projects on time.

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One thought on “Proposed Real Estate Regulatory Bill by central and state Govt.

  1.  Most important thig to reulate the market is to Basn the white and black system of payment money . Most of the builders, big or smaal are taking money , as well as money for parking as well. inspite of instruction by he court. builder are making price rise of properties going all the way to the sky . it should be regulated one . and builders should be tought a strict lesson and regulated.    

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