CREDAI for maintaining equilibrium between public and realtor
He cautioned some provisions in the Bill were required to be modified otherwise it would result in
Jun 06, 2013
Source : The Economic Times

 

CHENNAI: Proposed Real Estate Regulatory Bill should maintain "equilibrium" between the realtor and the public besides regulating the entire industry, industry body CREDAI said today.

"..from industry perspective it is important that the Bill maintains equilibrium between the developer's community and end users," Confederation of Real Estate Developers Association of India (CREDAI) National President C Shekar Reddy said in a statement.

However, he cautioned some provisions in the Bill were required to be modified otherwise it would result in "substantial increase" in the cost to buyers and shatter the dream of 'housing for all". "It will also impact the affordable housing initiative", he said.

To make the regulation effective, the Bill should regulate the entire real estate industry covering all its stake holders, he noted.

A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government recently.

Latest Realty News

Plush residential areas in Hyderabad
Jun 06, 2013
The land of the royals, Hyderabad, is familiar to the concept of luxury and opulence. Premium properties are making a comeback in the city. New real estate developers such as Mahindra Lifespaces, Emmar Group, Bollineni Developers Ltd and Aliens Group, among others are active in this segment.
Mira Road-Bhayandar East witnesses max supply of 2BHK
Jun 06, 2013
MUMBAI: Situated in the Western peripheral area of Mumbai, Mira Road and Bhayandar East are amongst the fastest growing suburbs of the city.
Surge in Rs 4-6 cr ultra luxury homes in Bangalore
Jun 06, 2013
BANGLORE: Last year, around this time (mid 2012), the residential real estate price in Bangalore kissed sky high with Rs 33,000 per sq ft for an upscale project on the Vittal Mallya Road. Rough calculations pegged a 8,200 sq ft apartment in the project at about Rs 27 crore.
Wait over, Cabinet approves Real estate regulatory bill
Jun 06, 2013
DELHI: The long wait is finally over. Real estate industry in India will now have a regulatory body. The Union Cabinet approved the Real Estate Regulatory Authority Bill on 4th June 2013. The Bill would cover all developers coming up with a project of 1000 sq meters and above.
Odisha Cricket Association to return AT Group's money
Jun 06, 2013
BHUBANESWAR: Odisha Cricket Association (OCA), in trouble for receiving Rs one crore from the dodgy AT Group for some cricket matches, on Wednesday said it is willing to deposit the money with the state government to benefit small-time investors.
Builder held for Rs 50 crore housing scheme fraud
Jun 06, 2013
BHUBANESWAR: The Crime Branch (CB) on Wednesday arrested a builder for allegedly raising around Rs 50 crore by floating dubious housing schemes. Managing director of Umamani Home Creations Narayan Chandra Nayak had promised inventors lands, on the outskirts of the city, but reneged on the deal.
Congress seeks law banning chit funds
Jun 06, 2013
BHUBANESWAR: Demanding a CBI probe into the multi-crore chit fund scam, Congress on Wednesday staged demonstrations in all 30 districts.
REAL ESTATE (REGULATION AND DEVELOPMENT) BILL
Jun 06, 2013
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.
Kalinga Sena demands enquiry on Utkal Builders
Jun 05, 2013
Bhubaneswar: Kalinga Sena supremo Hemant Rath at a Press conference here on Tuesday alleged that the Kolkata-based Rose Valley company, which has also duped lakhs of Odia people of crores of rupees, has invested nearly Rs 50 crore in the Bhubaneswar-based real estate firm Utkal Builders.
Govt continues blatant cover-up in chit fund scams: Niranjan
Jun 05, 2013
BHUBANESWAR: Calling the response of the Naveen Patnaik Government to his continued plea to expose the chit fund scam as lackadaisical, former PCC president Niranjan Patnaik has reiterated his demand for an SIT probe under a High Court judge and constituting a corpus fund.

Latest Realty News Of State

Realty Talk's