Track2Realty Exclusive: That small builders and fly-by-night operators in the business are the reason why the government is so concerned with the misleading advertisements. Often they advertise the project launch without even getting the mandatory license and in some cases home seekers hard earned money is lost.
Track2Realty Exclusive: In India the regulation bill has been contemplated for a few years, but it is only now being actively pursued through multiple rounds of industry consultation. As a tool to drive this initiative, the Ministry of Housing and Urban Poverty Alleviation (HUPA), has drafted a regulation bill laying down the necessary provisions to set up a regulatory body, defining its powers and functions, responsibilities of the developers and penalties for violations and RICS appreciates the initiative to further improve upon and facilitate a smoother introduction of the regulatory authority within the purview of the revised regulation bill.
Track2Realty Exclusive: The realty sector may call it freeze of creative liberty but the proposed penalty clause in regulator bill on misleading ads can also bring much-needed facelift to the sector. Track2Realty takes up the issue with the industry representatives to understand why they are scared with the misleading ads clause in the proposed bill. Is it really about curbing the creativity or an attempt to rationalise over promises by the developers?
Track2Realty Agencies: Expressing hope that Parliament will pass the Real Estate (Regulation and Development) Bill in its Monsoon Session, Housing and Urban Poverty Alleviation (HUPA) Minister Girija Vyas said that the legislation aims to protect consumer interest but was not against the industry.
Track2Realty: The government is all set to introduce a buyer-friendly real estate legislation which aims to protect consumers and bring transparency in the sector in the monsoon session of Parliament.
Track2Realty-Agencies: The real estate regulatory bill that seeks to bring transparency and accountability in the realty sector will be introduced in the monsoon session of Parliament, a top government official said on Saturday, July 6.
Track2Realty: The Cabinet on Tuesday, June 4, cleared the Real Estate (Regulation and Development) Draft Bill, aimed at organising and monitoring the sector.
Track2Realty Exclusive: Some analysts are of the view that in some other sectors people are vocal because they come from very powerful political background and are second generation entrepreneurs. Then, they are active at the federal level without any structural defect where policy at centre might help at some level and hamper at some other state level. Automobile policies, for instance, are framed for across the country.
Track2Realty Exclusive: Asking for industry status, the sector doesn’t want elements of accountability that comes with the package. Quite opposed to the very idea of regulation, even after self-regulatory attempts didn’t work out, realty doesn’t evoke confidence at the policy level and often ends up being at loggerheads with the government. Track2Realty finds that though policy advocacy is very much desirable in the sector, it is yet so debatable that the stakeholders have failed to evolve a consensus over its issues and agenda.
Track2Realty-Agencies: The proposed bill to regulate the real estate sector would make it mandatory for the development authorities to clear the building plan on the basis of carpet area, a top government official said on Saturday, May 4.