The developers and builders community has welcome the proposed legislation that intends to regulate real estate deals by making it mandatory to post critical details of the projects on the official internet site of the real estate regulator.
Realty sector players have, however, expressed concerns over the possibility of this measure opening another door for corruption and bureaucratic interference in their work as well as effective implementation of the provisions of the legislation to benefit the consumer.According to Satish Magar, president, Confederation of Real Estate Developers' Associations of India (Credai), Pune, there was a need to introduce regulations that will protect customers from errant builders.
"This bill will protect the consumers against fly-by-night operators who are out to make a quick buck without giving much thought to consumer interests. Our association is a body of professional builders/developers who are already governed by a self-imposed code of conduct and we are happy to learn that the government plans to widen the gamut to include builders as well as one time constructors."The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes. Importantly, it will prevent builders from changing the plans or inserting charges as the sale agreement will be considered binding.
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