With Rajya Sabha Select Committee’s approval of Real Estate Regulation and Development Bill, a huge number of people have a reason to celebrate as buying a dream home will not be a dream anymore. The realty sector is looking at this Bill with high hopes that the industry will flourish with regulated sectors if policies get implemented well.
The main concern of newly approved regulated bill includes preserving consumer’s interest and supporting the real estate developers to run their functions under the predetermined guidelines of the Bill. The builder can only proceed with the launching of a project after getting all the approvals from the concerned authorities. This step will save the buyers from deceitful activities.
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.