Latest

Goods and Bads of Real Estate Regulation and Development Bill

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.

 
  • Parag

    Being a customer of commercial property I am really happy with this passed bill of Real Estate Regulation and Development. Though there is some negative issues as well…but I guess this will be take this sector in a better way.

     
  • Manas

    This bill has mentioned that if the builder can only proceed with the launching of a project after getting all the approvals from the concerned authorities which is a good thing for buyers as this step will save from doing something which can be a reason for him to regret on.

     
  • Omesh

    I also wanted to highlight this problem that in the process of a single window clearance which need 33 approvals from differeny authorities and that takes 196 days but what if the process days has extended from 196 days?

     
  • sidhant

    Earth Infrastructures Ltd is the one who makes such an amazing project so wheather it is commercial or residential you can go with this builder without any doubt because I have expericence and trust with them.