City realtors upbeat
Builders must clarify the carpet area of the flat
All relevant clearances must be submitted to the regulator and also displayed on a website
Builders and developers will have to get all clearances approved before construction begins
The Regulator will be the appellate authority in case of dispute
Repeat offenders may even face a jail term of up to three years
BHUBANESWAR: The Union Cabinet Tuesday approved the Real Estate (Regulation and Development) Bill which enables setting up of a regulator for the real estate sector, with having a provision of even a jail term of up to three years for errant developers.
Welcoming the Bill, real estate developers in the City said it would standardise the sector and bring back faith of buyers over genuine players of the industry According to them, the real estate regulatory authority will be able to check all unethical issues related to the sector; which ultimately benefit genuine players in the industry
Head-Marketing Services of Tata Housing Development Co, Rajeeb Kumar Dash said, 'A regulator in the real estate sector will help organise the industiy which will help both customers and developers in the long run. It will check the unnecessary delays in completion of projects and thereby empower the buyers who invest their hard-earned money in the sector. "Government, however, need to set a single-window clearance system so that projects are completed in time," he added.
National Joint Secretary of Confederation of Real Estate Developers Association of India (CREDAI), D S Tripathy said, "The Bill will definitely check illegal practices pre¬vailing in the real estate sector, like diversion of fund to other projects and promoting projects through false pictures even before getting necessary clearances. But Government should give all clearances in a time-bound manner so that it is also viable for the investors." MD of Sonsy Engineers and Construction, Soumyajeet Mohanty said, "The Bill would root out bogus players in the real estate sector and would give an opportunity to serious developers in Orissa."