Realty Sector on the boom with new Real Estate Regulation and Development Bill
The Rajya Sabha select Committee did not only approve the Real Estate Regulation and Development Bill, but also raised the bar of interested property buyers and investors’ hopes. The realty sector will go through a noteworthy change with the introduction and implementation of new policies, rules and regulations under the newly approved regulatory bill.
The best part about this bill is that, the unregulated sector will get regulated with better implementation of everything. The bill has been strategically drafted to not only help the land designers to operate their function as per the guidelines of the bill, but also protect the interest of consumers.
Real estate developers can only launch a new project after getting all the approvals from the concerned authorities. It will save the property buyers or investors from fraudulent activities by keeping an eye on such unwanted acts.
The bill also recommends that in the case of delays, the interest rates should be balanced for both the buyer and the developer. Under this regulatory bill, real estate agents will be required to register their names with the Real Estate Regulatory Authority (RERA) as well.
With so much relief, few things have still not been clarified to the end party. One of these unclear concerns doesn’t include any specification about ‘single-window-clearance’. A single project needs 33 approvals from different authorities which takes 196 days generally, if things keep going without any delay. If these approvals take more than 196 days, the cost of the project may increase and the project may get delayed further.
The Joint Managing Director, Atul Gupta, Earth Infrastructures Ltd., also expressed his concerns on this matter along with other real estate developers. Earth Infrastructures Ltd. is a Delhi based real estate developer which is catering the Nation’s residential and commercial property needs from a long time.
Moreover, the proposed RERA has the power to approve or reject any project within 15 days only. It lays huge responsibility on the regulatory body as the process is a time-consuming exercise right now.
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