Terming Real Estate Regulatory Bill as a populist
measure, realtors' body CREDAI (Confederation of Real Estate Developers
Association of India) on Wednesday said the proposed law should govern
all stakeholders of the industry and not only the developers.
Also Read: Oberoi Realty Q1 net profit dips 33%, operating costs rise
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 projects, the association said.
"We want a
regulator. But like regulators in other sectors such as telecom and
insurance, it should govern all the stakeholders," CREDAI chairman Lalit
Kumar Jain said at an Assocham conference.
The planning
authorities, banks and other government authorities do not come under
this legislation, he added. "It (the Bill) is a populist measure that
will please consumers. Bring regulator with proper design and
understanding 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 projects with regulators.
Jain also feared that "now those developers who are not politically aligned, they will have to politically align".
Assocham
released a report 'Regulatory Issues and Clearance for Real Estate
Sector' jointly with global property consultant Cushman & Wakefield
(C&W). The report welcomed the government's move to regulate the
sector.
"Besides safeguarding the buyers' interest and bringing
credibility to the developer community, the Real Estate Regulatory Bill
is also likely to attract investments from domestic and international
funds that have harboured scepticism towards investing in Indian real
estate largely on account of lack of regulation," the Assocham-C&W
report said.
However, it said the need for single-window clearances in the shortest possible time has become pressing.
The
Bill provides for setting up a regulator for the real estate sector and
has provisions like a jail term of up to three years for developers who
commit offences like putting up misleading advertisements about
projects repeatedly.
It also intends to make it mandatory for
developers to launch projects only after acquiring all statutory
clearances from relevant authorities.
Kamis, 13 Maret 2014
Realty Bill must cover all stakeholders: CREDAI
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