Realty Bill Aims to Ensure Timely Possession of Property

The bill will protect the interest of all stakeholders, people, developers and also help check unscrupulous players in the sector and would streamline the sector, Raheja added.
Puri of JLL India said the new laws based on the proposals will provide considerable relief to ordinary buyers and investors who go through innumerable obstacles when buying a property, and at times are duped even by small developers and brokers.
He noted that the proposed laws look at ensuring that construction is not only completed in a timely manner but also as per the specifications that he had been promised.
By seeking to establish the Regulatory Authority and the Appellate Tribunal, the consultant said that the Bill aims to create a dispute resolution mechanism and provide a forum for hearing disputes related to property matters and address the grievances of the consumer.
"Though the Bill will turn out to be a boon for the property purchasers and the consumers, it has received a lot of criticism from developers for not being inclusive in its approach towards them.
"The Bill in its current form does not provide for any relief to them in terms of getting through the cumbersome approvals and permissions process in any expeditious manner," Puri said.

Supertech Chairman and Managing Director RK Arora said the regulator would definitely going to address issues which will benefit consumers, investors and the industry.
"This is in favour of all and a positive move which has been long pending. The mandatory registration process for any new projects is in favour of customers and will bring confidence and transparency in buying or investing in any such projects and will also improve on the sector's credibility."
CHD Developer COO Ravi Saund said: "The move was much needed in the sector which is notorious for unscrupulous deals. This would not just eliminate a home buyer's apprehension but also lift the image of the real estate sector."

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