Bengaluru, March 29, 2016: “The Rajya Sabha’s approval of the Real Estate Bill (Regulation and Development) Bill, 2016 is a much awaited move by the Government. It is good that the Bill has finally been passed, as it was pending since 2013.
This Bill and the Regulations that come along with it will help in the overall development of the industry. For the real estate players who go by the book and are also doing a good job, it creates a check on them to see if they are going wrong, though they are self regulating.
This initiative will aid consumers, especially those who are stuck with bad developers. Most of the consumers who have invested in real estate are yet to reap its benefits
This Bill has become the stepping stone for the Government to give us an industry status. Once there is a regulation and a law for housing and development, it would be easy for them to acquire an Industry status or include in the infrastructure sector. There are a lot of benefits attached to it, such as cheaper loans. Once the fund flow increases, the developers can also consider building a number of affordable houses, which will indirectly help in the Housing for All Scheme.
The transparency aspect of the Bill as well is much welcomed as it ensures that the real estate developer will have to give the required NOCs and approvals to the real estate regulator and get the project approved by the regulator. Since everything would go online, it is easier for the customers to keep a tab on the real estate developer.
The Real Estate Regulatory Authority (RERA) is a good move, but the only brickbat is that it should not become yet another window that we have to approach for our approvals. We look forward to this initiative being helpful for both the developers and the consumers.
Once the Bill is passed, the market will get consolidated. All the real estate developers will continue to grow in a much faster way. The penalty and punishment lodges will help to keep a constant check on the developers, which will make the industry more professional and help in steady evolution as a whole.
However, there is a certain amount of clarity that is required in the Bill, such as in terms of the carpet area. It is necessary to know whether the on going projects which are half sold would have to start selling on the basis of the carpet area. But as surety has been given to clear the air on this, we look forward for the same.”
Mr B.S. Nesar, Executive Director, Concorde Group
B. S. Nesar’s broad outlook and international perspective comes from experience garnered through spending time in different countries. He has a Master’s Degree in International Finance from the University of Leeds, UK, and also has a degree from a Management Programme for Entrepreneurs and Family Business from the Indian Institute of Management, Bangalore. Nesar brings with him the exposure and talent needed to see things in a new light. He also takes a keen interest in Project Planning and in strategizing on key areas in which the business can be developed. Ever since he joined the Group, there has also been a strong never-say-die attitude and with it, fresh infusion of ideas and work ethic that’s fuelling the Group’s expansion plans.
Corporate Comm India (CCI Newswire)