The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the draft Real Estate Bill should not penalise only the developer for time overruns but instead cover the liability of all stakeholders, including government agencies and urban local bodies.
“The activities in the real estate sector are intertwined with various individuals and agencies. Other stakeholders like consumers, financial institutions, local sanction authorities are an integral part of successful completion of a project. Therefore, the legislation should cover all of them equally and not isolate the developer and penalise him,” said Pranay Vakil, Co-Chair of the Chambers’ Real Estate Committee.
Vakil, who is also the Chairman of Knight Frank India, asserts that the Bill should also have a provision for reducing the number of approvals required by real estate developers and prescribe the timelines for getting the approvals.
“This is the biggest bottleneck faced by the developers and has a direct bearing on the projects. If approvals are granted by the authorities within a stipulated timeframe, it will enable timely delivery of projects,” he said.
