Gurgaon: Both builders and homebuyers feel there is a lot to feel upbeat about the amended Real Estate Regulation and Development Bill 2013, but they also see a scope for more clarity on certain issues before the Bill is tabled before the Rajya Sabha.
"We welcome the move made by the Union Cabinet. The step will go a long way in consolidating the way real estate development functions in the country. This would also weed out fly-by-night operators," said Manoj Gaur, CREDAI western UP president and the MD of Gaursons.
"However, we still think there are nuances in the bill that need clarification. Among other things, the clause on delayed projects needs to be clarified as not all delays are in builders' hands. Extraneous factors like PIL-based orders by NGT affect builders too," he added.
CREDAI NCR chief Rohit Raj Modi said wilful default must be defined in the Bill in order to remove discretion. Secondly, urban local bodies should be brought under the ambit of the regulator since the process of issuance of occupation/completion certificates is under their control.
"There are long pending issues like creation of single-window clearance system and giving real estate an industry status which need to be looked into," said Supertech MD RK Arora. "Proposals like sale on 'carpet area' basis and restriction on changing plans/designs etc are unjustified and would result in serious complications. Further, most of the complaints on delayed completion/delivery are because of delay in getting clearances. There is no proposal in the Bill to address this situation," he added.
Navin Raheja, chairman, National Real Estate Development Council (NAREDCO), said overall, the Bill is expected to promote development of a mature responsive real estate sector in the country, benefitting the customer on the one hand and making other stakeholders, including developers, brokers and development authorities accountable for time-bound action.
Prashant Solomon, MD of Chintels India, said, "While the establishment of a real estate regulator is a positive step in increasing transparency and credibility of builders while protecting consumers, it will only be valuable if government authorities are also legally bound to grant approvals within a specified time period."
"The real estate sector might finally expose builders with bad intent and prove to be a boon for buyers.. The Bill, after including the latest changes, is fairly comprehensive and, if implemented strictly, will pave the way for real growth of the sector," said Anubhav Jain, director of the Silverglades group.