New Delhi : Realty developers and consultants hailed the passage of the regulatory bill in Rajya Sabha, saying the law will bring credibility to property business and protect consumers interest but felt that some of the provisions like imprisonment are harsh.
Developers expressed dissatisfaction over inclusion of ongoing projects in the Real Estate (Regulation and Development) Bill.
They wanted government authorities, which sanctions the project, to be brought under this bill. The new law would boost home buyer confidence as well as investment in the realty sector, they said, but added the government should ensure the regulator does not become another layer of bureaucracy. “Everyone welcomes the bill. We respect the wisdom of Parliament. There are some provisions like imprisonment which are harsh and may be passage with the time they will be set right,” DLF Chief Executive Rajeev Talwar told PTI.
Realtors’ apex body CREDAI President Getamber Anand said the bill would “bring credibility to real estate business and endorse our demand of giving infra status to housing”. CBRE South Asia CMD Anshuman Magazine said: “It will help regulate the sector and promote transparency. If implemented in the right spirit, it could facilitate greater volumes of domestic and foreign investment flows into the sector.
Home buyer confidence in property market is also likely to revive.” HDIL Sr Vice President – Finance Hariprakash Pandey said the Bill would make licensing of developers mandatory and this would help to differentiate between serious players and fly-by-night operators.
