Housing ministry plans to introduce real estate regulator in the Cabinet. The regulator is expected to curb the illegalities in the realty sector.
Maken to seek cabinet – approval of real estate regulator bill.
Realty sector may get a cleansing if the union government sets real estate regulator to control the sector. The regulator is believed to be stiff towards unscrupulous builders.
Under the real estate regulatory bill the builders will be put into jail in circumstances of proved misbehavior. They will not be allowed to put any advertisement about their projects before they get the approval from the regulator.
Despite the opposition of the realty developers, the housing ministry is all set to implement real estate regulator bill to safeguard home buyers from unscrupulous builders. The bill is expected to be passed in the current parliament session. Continue reading
Budget 2013 has failed miserably to bring in any reforms in the realty sector. Many reforms like real estate regulatory bill and so on, were expected by the experts.
All expected reforms also stood away from realty sector.
The budget 2013 was expected to boost realty sector in many ways. Many reforms like real estate regulatory bill, infrastructure status at least to the affordable housing sector, etc. were the main reforms which realty sector expected from the budget 2013.
Leading realty players to greater despair and mischief, none of these reforms were included in the budget.
The main focus was on the lower and middle income segment people and affordable housing segments. On the other side the budget did not forget to levy heavy burden on the shoulders of the top earners.
The affordable housing segment may be boosted as the budget includes some sort of boosts to the sector. However the budget is expected to affect the luxury housing segment inversely. After the budget, the prices for luxury houses are expected to rise sharply. Continue reading
Real estate bill is likely to protect flat owners and prospective buyers from the unethical and unscrupulous builders. The real estate bill is expected to be presented in the upcoming parliament session.
Real estate bill will give new horizon to real estate industry
The prospective buyers can rejoice finally. They have got a reason to do so as real estate bill is expected to be passed in the upcoming parliament session. It is expected to restrain the unethical and unscrupulous builders from looting the flat owners and buyers.
In the opinion of the experts, harsh and corporal punishment to the builders for fraud behaviors will remove all unethical and unscrupulous practices from the industry as a whole. Real estate sector looks so fine and attractive from outside as it gives new shapes to the cities.
However once the real estate bill is passed, the real estate developers may not be as happy as they used to be. The new real estate bill has provisions to punish the unscrupulous builders for proved fraud behaviors in the industry. Though the builders have demanded for monetary punishment in place of jailing, the decision has not yet been taken. Continue reading
Developers differ on the real estate regulatory bill as it is ‘one- sided’ in their opinion. The bill which has provisions to send the default builders to jail,exclusively avoid the punishment of default buyers.
Real estate regulatory bill: Builders remain suspicious.
Real estate regulatory bill is expected to be introduced in the upcoming parliament session. Some of the provisions in the regulatory bill are supposed to become a burden on the shoulders of the default builders. Some builders opined that the bill will curb and control the unscrupulous and dubious builders.
According to Mr. Pradipta Kumar Biswasroy, Real Estate Developers Association’s (REDA) Odisha Head, a commission is necessary to look after the real estate sector. He blamed that, at present, many unscrupulous builders exist because there is no proper law to curb them. He said that the sector loses its face due to the dubious acts of such unscrupulous builders. Continue reading
The decision of Housing and Urban poverty alleviation ministry (MHUPA) is looked down by the apex body of Real Estate Developers- CREDAI.
CREDAI showed higher discontent over the MHUPA’s new Real estate Bill. The officials of CREDAI said that the bill will foster corruption. The new Real estate Bill is roughly welcomed by the real estate developers.
The Confederation of Real Estate Developers’ Associations of India have nearly 8,800 developers as its members. The CREDAI members represent 20 States of India. The apex body has 114 city- divisions across the country. Continue reading