Real estate industry welcomes RERA: expect some changes in the bill
Realtors in Noida have welcomed the Centre’s move to make it mandatory for real estate agents to get themselves registered with the proposed real estate regulatory authority (RERA) and obtain a licence before starting business. This is a surprising move as we had expected a lot of opposition from them.
However the builders feel that a separate body instead of the same regulator authority should regulate brokers. They also raised their concern over the matter that putting commercial properties into the regulator’s ambit would only lead to delays in projects.
A single real estate regulatory authority will be overburdened if it caters to both builders and brokers, that too in residential and commercial sectors both. They feel that thousands of cases would be reported from across the country, leading to pendency of cases. They feel that if so many bodies are included in one bill then the regulatory bill will pose countless hurdles in realtors’ way leading to buyer/builder woes.
Getambar Anand the CMD of ATS Builders and president elect of confederation of real estate developers association of India (CREDAI) feels that the government should consider these issues carefully before converting it into a law. Developers also claimed that some provisions of the bill should be removed as they were detrimental to the realty sector.
Source- Hindustan Times
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