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National: New regulatory bill should cover all stakeholders: CREDAI

Commenting on the realty regulatory bill, The Confederation of Real Estate Developers’ Associations of India (CREDAI) said that besides developers community, authorities responsible for giving approvals for projects should also be covered by this bill.


Lalit Kumar Jain, Chairman, CREDAI said that the bill has been passed while keeping wrong acitivities of developers into consideration and affects them only which might encourage corruption instead of meeting with the objective with which it has been passed.


Lalit Kumar Jain further added, “The real estate sector definitely needs a regulator on the lines of the one controlling telecom, banking, stock markets and insurance sectors. Our fear is that those with expertise to handle political influences will only survive, thus leaving the all important industry in the hands of corrupt people.”


He suggests that the bill should cover all stakeholders including customers, financial institutions and approving authorities. It’s not right to penalize a developer if the project gets delayed due to delays in approvals.


Favista’s Views: CREDAI has come up with a strong point. Though the mandates laid in the bill are to save interest of customers, there are numerous situations when developer is not at fault, but he would still be penalized in case of any delay or non-compliance by the specifications of the regulatory bill. If all stakeholders are covered by the bill, it would be possible to hold right person responsible and make realty market more transparent.

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