Developers and real estate experts in Chennai are of the opinion
that the Real Estate (Regulation and Development) Bill, passed
in Rajya Sabha on Thursday, will make investors glad as there
are plenty of provisions to safeguard their interests.
Ram Prabhu, joint secretary of Builders Association of India’s
Southern Centre, Chennai, said: “The timing is not right.Consume
-rs are already subject to a lot of problems in the form of
delays in taking possession of their homes due to financial
challenges faced by builders. It will be initially tough, but
gradually over a period of time, things will fall in place.”
An analyst in a real estate firm said there would be both short-
and long-term benefits.
“The Bill will primarily protect the interests of home-buyers,
while making the industry a lot more credible and organised,” he
The Real Estate Bill, which aims at protecting home buyers’
interest, moved closer to becoming law after it was cleared in
the Rajya Sabha on Thursday. The bill, designed to bring
transparency and accountability to the realty sector, is expected
to revive investor and buyer confidence.
The CREDAI-Belagavi also has welcomed the passage of the Real
Estate (Regulation & Development) Bill in Rajya Sabha on Thursday.
In a release issued here, CREDAI-Belagavi president Qais Noorani
said the benefit of the Act, coming through after several
amendments, could be reaped in full if the Union Ministry of
Finance extended the status of “infrastructure” to housing
projects. He said that the Act was expected to enhance the
credibility, transparency and trustworthiness of real estate
benefiting all stakeholders, particularly consumers.
Also, in an appeal to real estate owners,he said the legislation
required real estate projects to be compulsorily registered with
the Real Estate Authority to be set up under the Act.