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High hopes as realty Bill nears reality

Posted by BrickAcres on March 14, 2016
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NEW DELHI: The Real Estate Bill can bring greater credibility to
the sector through more transparency as well as accountability
and could encourage flow of FDI funds into the market, a Nomura
report says.

“The Bill is yet to be passed in the Lower House, though that
should be easier, as the government has an absolute majority in
the Lower House,” Nomura added.

“Mandatory disclosures and registration may reduce black money
transactions in this sector; and greater credibility of the
real-estate sector (through greater transparency and
accountability) could encourage flow of FDI funds into the
sector,” Nomura said in a research note.

Project delays are a common characteristic of the real estate
market.Several well-known developers in the country have seen
their projects delayed for as long as seven years. If that is
not enough, there are several cases where developers imposed
random charges on the customers at the time of offering
possession under different heads, The Real Estate (Regulation
and Development) Bill, 2015 that was passed by Rajya Sabha
will look to address some of the concerns, if the proposals
within the Bill see strict implementation at the ground-level.

The ambiguity surrounding who a homebuyer should approach in
case of any dispute with the developer or in case of a delay
in delivery is set to end now with the approval of the Bill
in the Upper House of Parliament.

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