Bangalore, April 14, 2015
Reactions on Real Estate Bill
Real Estate Regulatory Bill certainly is the need of the hour. In fact it should have been in place long time back. Like in any other industry, Real Estate also has a section of Developers who are unscrupulous who tarnish the image of the entire industry. As such this bill, while bringing in transparency , accountability, timely delivery etc, will also eliminate the unscrupulous developers and therefore is a very welcome statute.
There are a number of positive concepts specially to the benefit of the consumers such as ;
(a) Requirement of disclosure of project details
(b) Requirement of depositing a portion of the advance received in a separate account to be used only for construction of the specific project
(c) Sale by carpet area
(d) Fast track dispute resolving mechanism etc
These provisions will instil a lot of confidence in the consumers.
While at this, there are certain certain draconian provisions such cumbersome process of registration of every project (rather than the promoter), making promoters responsible for delays by Municipalities, making the provisions applicable on retrospective basis etc. Since the bill has to go through the passage of Lok Sabha and Rajya Sabha, I hope that the draconian provisions of the bill will be made more practical and compliable for the developers and in turn beneficial to the consumers.
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