Real estate bill hard on builders
The real estate bill proposed many provisions, but provisions like penalty and even jail to builders for not fulfilling their promises, are opposed.
Even builders are demanding to exclude commercial properties from Real Estate (Regulation and Development) Bill, 2012. Now with interference of Urban Development Ministry, the real estate bill may have these changes which will be acceptable to the industry.
According to the sources due to excessive protest by industries, penalties and commercial properties can be excluded from the real estate bill.
Urban Development Ministry and the HUPA (Housing and Urban Power Alleviation) together will appoint the national regulatory body in this regard. The real estate bill is formed to protect the consumers from greedy builders and to regulate the real estate sector of India.
Some officials feel that this additional regulatory body will just add to the municipality of authorities as such matters can be taken care by consumer courts and civil courts. They also pointed out few provisions which were not practical.
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