Realty bill aims to ensure timely possession of property:-The real estate regulatory bill, when enacted into law, will ensure that home users get timely possession of properties, and as per the specifications promised by developers.
Besides, it will improve the image of the realty sector by bringing in transparency.
However, industry experts highlighted that the bill does not provide relief to builders in getting faster approvals for their projects.
The bill will pave the way for providing the much needed transparency by seeking to regulate the hitherto largely unregulated housing sector in India.
The bill will protect the interest of all stakeholders, people, developers and also help check unscrupulous players in the sector and would streamline the sector.
The new laws based on the proposals will provide considerable relief to ordinary buyers and investors who go through innumerable obstacles when buying a property, and at times are duped even by small developers and brokers.
The proposed laws look at ensuring that construction is not only completed in a timely manner but also as per the specifications that he had been promised.
Supertech Chairman and Managing Director RK Arora said the regulator would definitely going to address issues which will benefit consumers, investors and the industry.
“This is in favour of all and a positive move which has been long pending. The mandatory registration process for any new projects is in favour of customers and will bring confidence and transparency in buying or investing in any such projects and will also improve on the sector’s credibility.”