Terming real estate (regulatory Bill as a populist measure, realtors’ body CREDAI), said that the proposed law should govern all stakeholders of the industry and not only the developers.
The Real Estate (Regulation and Development) Bill, to be introduced in the next session of Parliament, will further increase the cost of development and delay in projects, the association said.
“We want regulator. But like regulators in other field like telecom and insurance, it should govern all the stakeholders,” Lalit Kumar Jain, Chairman, Confederation of Real Estate Developers Association of India (CREDAI) said at an Assocham conference.
The other planning authorities, banks and other government authorities do not come under this legislation, he added.
.jpg "Regulatory Bill")
“It (the Regulatory Bill) is a populist measure that will gratify the consumers. Bring regulator with proper design, understanding and implementation of business,” Jain said.
He noted that developers already have to take a number of approvals from various government authorities that take anywhere between 6-18 months and now they would have to register their concern projects with regulators.
Jain also feared that “now those developers who are not politically aligned before, they will have to politically align from now onwards”.
Assocham released a report ‘Regulatory Issues and Clearance for Real Estate Sector’ jointly with global property consultant Cushman & Wakefield.
“Besides safeguarding the buyers’ interest and bringing credibility to the developer community, the Real Estate Regulatory Bill is also likely to fascinate investments from domestic and international funds that have harboured scepticism towards investing in Indian real estate largely on account of lack of regulation,” Assocham-C&W report said.
However, it said the need for single-window clearances in the shortest possible time has become pressing.
The Bill especially provides for implementing up a regulator for the real estate market and has provisions like a jail term of up to three years for real estate developers who commit offences like putting up any misleading or luring advertisements about projects repeatedly one after another.
It also intends to make it necessary for the developers to initiate or launch the projects only after acquiring all statutory clearances from concern authorities for that particular place or area.
The Bill makes it mandatory for builders to well clarify the carpet area of the flat.
The Real Estate (Regulation and Development) Bill, to be introduced in the next session of Parliament, will further increase the cost of development and delay in projects, the association said.
“We want regulator. But like regulators in other field like telecom and insurance, it should govern all the stakeholders,” Lalit Kumar Jain, Chairman, Confederation of Real Estate Developers Association of India (CREDAI) said at an Assocham conference.
The other planning authorities, banks and other government authorities do not come under this legislation, he added.
.jpg "Regulatory Bill")
He noted that developers already have to take a number of approvals from various government authorities that take anywhere between 6-18 months and now they would have to register their concern projects with regulators.
Jain also feared that “now those developers who are not politically aligned before, they will have to politically align from now onwards”.
Assocham released a report ‘Regulatory Issues and Clearance for Real Estate Sector’ jointly with global property consultant Cushman & Wakefield.
“Besides safeguarding the buyers’ interest and bringing credibility to the developer community, the Real Estate Regulatory Bill is also likely to fascinate investments from domestic and international funds that have harboured scepticism towards investing in Indian real estate largely on account of lack of regulation,” Assocham-C&W report said.
However, it said the need for single-window clearances in the shortest possible time has become pressing.
The Bill especially provides for implementing up a regulator for the real estate market and has provisions like a jail term of up to three years for real estate developers who commit offences like putting up any misleading or luring advertisements about projects repeatedly one after another.
It also intends to make it necessary for the developers to initiate or launch the projects only after acquiring all statutory clearances from concern authorities for that particular place or area.
The Bill makes it mandatory for builders to well clarify the carpet area of the flat.
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