MUMBAI: Builders' Association of India (BAI) today said it has welcomed Centre's move to clear the Real Estate (Regulation and Development) Bill and hoped that the same would be passed in the Parliement's monsoon session.
"We welcome the Bill and hope that it will be passed by the Parliament in the forthcoming monsoon session, and thereafter respective states would also pass the bill in their respective assemblies," BAI General Secratery Anand Gupta said in a statement here.
"BAI has represented to the Central and state governments to regulate the real estate industry, which in its stupendous growth, has been attracting several players with dubious records.
"It is because of easier entry into this industry, which does not have any control such as registration and regulations, these fly-by-night operators have brought bad name to the real estate industry. Today any one can become a developer," he further said.
Gupta added that the Bill must fix up registration and prequalification criteria for any one to register as real estate developer. "Importantly the responsibilities of the various stake holders like developer, local self governments, state government and the Centre should be very clearly defined and all should abide by a predefined time-bound programme for the completion of project."
Long time-frame to complete projects due to various hindrances like Government approval process, project finance and title issues have been the biggest problems faced by the real estate industry in India today.
Launching a housing project normally needs more than 55 approvals from various departments of local self government as well as the state and central governments, which takes minimum 15 to 24 months for compliances, he said.