Builders Oppose Real Estate Regulatory Bill

Bangalore: CREDAI and NAREDCO, the two prominent real estate industry bodies have opposed the real estate regulatory bill proposed by the government. The industry bodies believe that the bill is in favours of property buyers and not for builders.

To discuss about the draft regulatory bill, Kamal Nath, the Minister of Urban Development and Ajay Maken, the Minister for Housing and Urban Poverty Alleviation (HUPA) called a meeting that included industry chambers, namely CREDAI, NAREDCO, CII, Ficci, Assocham and PHDCCI.

The proposed bill is going to be represented by HUPA in the forthcoming Parliament Budget session to regulate the sector.  

According to Naveen Raheja, President of NAREDCO, "We opposed the bill in the current form. Bill is not practical and it is one sided, in favour of consumers," reports PTI.

"We have demanded that all stakeholders in the development of real estate should be brought under the ambit of this bill including government agencies which give clearance to this project," added Raheja.

Moreover, the association wanted consumer complaints to be addressed by the suggested real estate regulator and not any other authority, said Raheja.

The key aim of the bill is to establish a regulatory body to maintain the fair transaction and to bring transparency in the real estate sector.

(With PTI inputs)

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