Including commercial properties under RERA might not be an intelligent move: Real estate industry
The government’s plan to bring property brokers and agents under the ambit of the proposed real estate regulatory authority (RERA) is good news for the home buyers.
However Sanjay Dutt the executive managing director, South Asia of Cushman & Wakefield feels that bringing brokers and agents under the bill is not a bad idea;however he feels that trying to achieve everything under one bill will be asking for too much. These things just complicate the situation and increase ambiguity.
Dutt also mentioned that there should be a lot more deliberation at various levels before even thinking of bringing in another regulatory aspect for the sector within the ambit of the proposed bill.
The housing ministry also plans to bring commercial real estate under RERA, which is a good move in itself, however bundling so many regulators under one umbrella might not be the call of the hour.
The reason for not bringing the commercial real estate under RERA is also clearly stated by the industry experts. Commercial estate essentially needs to be kept out of this as modern, centrally air conditioned and intelligent buildings of commercial complexes need extremely professional and market driven management formats. They are largely retained by developers and partially sold.
Navin M Raheja the chairman of the industry body National Real Estate Development Council (NAREDCO) and CEO & MDof Raheja Developers Limited stated the above reasons and hopes that the government will re-look into these suggestions before presenting the bill in the session.
Source- Hindustan Times
Changes proposed in real estate bill ambitious, Cushman & Wakefield, feel developers, Noida, Real Estate Regulatory Authority, Real Estate Regulatory Authority Bill
