Builders demand protection from regulatory bill
Jamshedpur- The recent proposal of the regulatory bill which aims at protecting the rights of the prospective realty buyers has received varied responses. The bill was introduced by the Union urban development minister Ajay Maken and will be presented in the upcoming Budget session of the Parliament.
The budget which has received mixed responses from the industry players in Jamshedpur has both acceptance and refusal by the builders. There is a demand that the bill should ensure justice to the builders.
The official who announced the introduction of the regulatory bill in the upcoming parliament session dated on Feb 21, stated that the bill aims at reducing the prevailing corruption in the industry and the housing sector and will in turn bring transparency.
According to a senior member of the Builders Association of India (BAI) Jamshedpur, the proposed bill will surely help and protect consumer’s interest but will seldom do justice to the builders. Although they openly welcome the proposal they demand for their part of benefit. Another realty builder stated that the buyers should be equally aware about the bill which is aimed at protecting their rights.
The builder also insisted that a dedicated consumer court should precisely deal with the purchase issues of both the builder and the developer. He said that is an urgent need for a dedicated fast track consumer court for house/flat purchase issue rather than a regulatory body. It was told that the customer goes clueless when he/she is asked to pay an additional amount by the builder.
The proposed regulatory bill according to the experts is expected to bring down the irregularities in the realty sector. A lawyer stated that the developers will be restricted from the channelizing funds which are collected from the consumers for every project. This further provides security to the buyer’s investments.
Related Real Estate News:
Developers apprehensive of regulatory bill
Housing regulatory bill will be tabled in Maharashtra assembly
Image courtesy of ddpavumba at FreeDigitalPhotos.net
Budget session of the Parliament, Builders' Association of India (BAI), industry and the housing sector, industry players in Jamshedpur, Jamshedpur, proposal of the regulatory bill, Regulatory Bill, rights of the prospective realty buyers, Union urban development
