Realtors not happy with provisions in new regulation bill
Bhubaneswar- Real estate developers in Odisha came up with different opinions on the proposed realty regulation bill.
Although all sections have given their consent to the proposal of Real Estate Regulatory Authority (RERA), they are dissatisfied with the various clauses and liability provisions in the bill.
The proposed bill is expected to be put forth in the forthcoming Parliament session. As there is no law specifically to regulate the sector at present the number of fraudsters and dubious realtors is rising. There is no doubt that the new regulation would curb unfair practices and illegalities of real estate in India. This would surely lead to systematic growth of the sector, said the president of Real Estate Developers Association of Odisha (Reda).
According to a Reda member, single window system provision for clearance for builders for various projects should be included in the bill. It should encourage both builders and buyers and should not be construed as anti-developer.
The proposed realty regulation bill stresses on compulsory registration of properties in Odisha while giving possession in the name of buyer. There should be stipulation about a situation when a buyer defaults in payment so that the developer is not at the receiving end.
The state unit of Confederation of Real Estate Developers Association of India (CREDAI) expressed reservations about liability provisions. According to the new bill, drawbacks like failure to execute housing projects on said time and damage to property will make a builder criminally liable. Several realty experts are of the opinion that there has to be a monetary policy to avoid criminal liability being fixed on such builders.
Union ministry of urban development estimates that in the next five years, Odisha requires around 4 lakh new residential units which involves a budget of over Rs 60,000 crore. Gaining of buyers confidence is important for the growth of real estate sector. The realty market’s growth can be boosted through proper regulatory mechanism and transparency in the sector. And the new bill is expected to bring in more transparency and accountability thus increase the growth too.
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Confederation of Real Estate Developers' Association of India, properties in Odisha, Real Estate Developers Association of Odisha, Real estate developers in Odisha, Real estate in India, Real Estate Regulatory Authority, Realty regulation bill, Registration of properties
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