Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
The regulatory bill, which has already undergone three to four draft changes, is likely to see light by the end of this year, said Dr Harjit Anand, Former Secretary, Ministry of Housing and Urban Poverty Alleviation while speaking at Estate South 2011, a seminar on southern realty organised by CII and CREDAI in Chennai.
The bill, still in draft stage, is aimed at holding the developers’ responsible for any project delay with stringent penalising procedures. Expressing concerns over its implementation, several developers have argued that a project delay is not just dependent on a developer alone. There are many factors including government approvals, funding agencies which add to it.
However, to help consumers, the real estate industry is mooting an ombudsman to resolve disputes between consumers and stakeholders. “Instead of such stringent procedures, the government may consider appointing an ombudsman to resolve issues,” said a developer.
Presenting a theme paper on South Realty 2020, global property consultants, CB Richard Ellis group highlighted the need for investment in infrastructure. “India needs to invest almost Rs 39.2 lakh crore in infrastructure over the next 20 years to help growth in real estate sector,” said Anshuman Magazine, CMD, CB Richard Ellis.
