Indore realtors flay new real estate law
Dec 06, 2013
Source : The Times of India


INDORE: Realtors want some amendments in the Real Estate Regulation Act (RERA). Though the Act was being introduced by the government on the demand of the industry itself, they believe that the Act, if implemented in its present form, will not serve the purpose on several counts.

Interacting with mediapersons here on Wednesday ahead of the Confederation of Real Estate Developers' Associations of India (CREDAI) conclave scheduled on December 13 and 14 in New Delhi, its national secretary, Vijay Mirchandani, said, "We have identified 44 points in the Act which need to be re-looked into. For example, we want that the onus of any problem that comes up with any real estate project must also lie with all the stakeholders like district administration, bank and registrar's office. We are against the provision in the Act which says that the entire onus of such problems will lie with the builder only."

Mirchandani added that there is a provision in the Act to have a national authority which will be registering the buAilders' projects. However, we want that once the builders submit all the required details as per the check-list provided by the authority, then there should not be any further delay while clearing the project. CREDAI has already submitted its concern on the act before the chairman of the parliamentary standing committee on the subject, which is chaired by Sharad Yadav, said he.

General secretary of Indore chapter of CREDAI, Sanjeev Srivastava said that at present the organization was present in four cities of the state only which include Indore, Bhopal, Gwalior and Jabalpur. We plan to expand it to Ujjain, Ratlam and Sehore as well.

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