What the passage of the Real Estate Bill in Rajya Sabha holds for the realty sector by Mr. Ganesh Vasudevan, CEO IndiaProperty.com

New Delhi, March 11, 2016: The passage of the Real Estate Bill in the Rajya Sabha will go down in history as one of the key turning points for the realty sector in the country. This Bill will ensure that the important players in the industry become accountable and deliver what they had promised to their customers without going back on their word. This is turn will restore consumer confidence and will hopefully usher in a new era of prosperity to the real estate sector which sorely needs it. This is a welcome change which will bring in the much needed transparency to the entire sector.

Besides addressing the issue of transparency, the Bill also puts in place a common regulatory platform which will ensure that all the stakeholders comply to make the property purchase cycle a hassle free one. The setting up of a state wise ‘Real Estate Regulatory Authority’ which will regulate all real estate related transactions is one of the main features of the Bill. This mechanism, when it comes into force, will ensure that accountability takes centre stage for all real estate transactions.

This Bill will be a great boon to consumers across the country who have in some instances lost faith in the sector due to delays. It addresses this issue and delivers justice to the consumers in case of a delay.

In the short term the Bill will lead to a price rise because the cost of compliance is likely to be passed on by the builders to the buyers. But in the long run this Bill is become beneficial to all the parties involved and will go a long way in ensuring that the realty industry gets back on track.

Corporate Comm India(CCI Newswire)