Real Estate Regulatory Bill expected to be tabled during Winter Session
No Comments Sub Category:Cities,Mumbai,Realty News Posted On: Nov 22, 2012
CREDAI has criticised the proposed real-estate regulatory bill by saying it is anti-people, which is expected to be tabled this winter season.The bill seeks to determine some sort of regulatory authority for the real estate sector.
The Confederation of Real Estate Developers Associations of India (CREDAI) classified the Bill as anti-people and said the sweeping powers sought to be vested using the regulator can lead to corruption instead of checking it.
The bill allows manual property registrations and in some cases encourages the particular regulator to reject them.
The Bill additionally provides depositing 70 percent in the sale price tag within a banking account. Credai National President Lalit Kumar Jain said, adding, blocking this kind of large amount will likely destroy liquidity and small business.
Tags:
anti-people, bank accounts, Bill, Corruption, CREDAI, CREDAI National President, Lalit Kumar Jain, Property registrations, Real Estate Developers Associations of India, Real Estate Sector, real-estate regulatory invoice, realty regulator, regulatory authority
