Realty Bill Aims to Ensure Timely Possession of Property

New Delhi: The real estate regulatory bill, when enacted into law, will ensure that home users get timely possession of properties, and as per the specifications promised by developers, say realty firms and consultants.
Besides, it will improve the image of the realty sector by bringing in transparency, they said.
However, industry experts highlighted that the bill does not provide relief to builders in getting faster approvals for their projects.
"The bill will pave the way for providing the much needed transparency by seeking to regulate the hitherto largely unregulated housing sector in India," Jones Lang LaSalle India Chairman & Country Head Anuj Puri said in a statement.
The ambit of the proposed law is quite large and seeks to cover all major private residential developments across the country as the bill applies to all projects over 4,000 square meters, he added.
Global realty consultant CBRE South Asia Chairman & MD Anshuman Magazine said: "Real estate regulator bill should have been more balanced (while) taking view of challenges faced by developers and consumer grievances."
Recognising that consumers need protection, Magazine said that administrative reforms are required urgently for real estate development to happen more efficiently and in a transparent manner.
The Cabinet yesterday cleared the Real Estate (Regulation and Development) Bill, which among other things, seeks to provide a uniform regulatory environment to the sector.
Hailing the Cabinet's approval of the bill, NAREDCO President Navin Raheja said: "It is a welcome step. We had been waiting for the same since long as it would bring buyers at ease along with transparency and respect to the sector"

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