Real Estate Bill will boost investment in the sector, says GK Shelters

GK Shelters

A ray of hope has come for the realty industry with the passing of the Real Estate (Regulation & Development) Bill, 2015. Realtors across the country are cheering as the Bill is likely to boost the sales by benefitting the buyers in many ways. The Bill will now be taken up for consideration and passing by the Parliament.

GK Shelters, a leading realtor of South India with presence in Bangalore, Chennai and Tirupati, expresses hope as the Bill passes and believes that it will boost investment in the sector. The Bill is expected to provide for a uniform regulatory environment which will ensure speedy adjudication of disputes and orderly growth of the real estate sector. “It will boost domestic and foreign investment in the real estate sector and help achieve the objective of Government of India to provide ‘Housing for All‘ by enhanced private participation.”

The government said that the Bill is aimed at restoring the confidence of consumers in the sector by institutionalising transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The spokesperson of GK Shelters said, “The Bill will benefit the buyers in multiple ways, in both commercial and residential sector.”

Rohit Raj Modi, VP Credai, welcomed the passing of the Bill, but he said that it is disappointing that the Bill doesn’t cover the development authorities and municipal corporations that are primarily responsible for granting occupational certificates or completion certificate. The spokesperson of GK Shelters also said, “Though we are delighted about the passing of the Bill, we are a little disappointed at the exclusion of development authorities and municipal corporations which grant occupational as well as completion certificates.”

GK Shelters believes that the Bill will benefit the buyers in multiple ways. It will lead to the establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions. It will also make mandatory the disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc. Promoters are now barred from changing plans and design without consent of consumers. These will enhance the transparency of the system and will protect consumers against any kind of fraud.

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  • Manas

    It’s a good news for the real estate sector as this bill is all about to increase the sales value of properties. I am also a real estate agent and I am really happy with this bill.

  • Nakul

    I also hope that this bill will helps GK Shelters to grow more in the market. I am saying this as GK has proved the finest developers for me…I’ve purchased an apartment for myself and I am really happy the property. From that I always suggest others to invest in this company as if they are looking for some good developers for the property investment.

  • rohan

    Most of the people get afraid from investing in any kind of property because every day in our daily life we always heard about the cheating incident which real estate company do with their clients. But I wish this bill will prove beneficial for not only realtors but for the customers as well.

  • sidhant

    GK shelter has always worked for the benefits of their customers and I wish they do the same in future also…good luck for the future projects of them.

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