Comments of Mr Rohit Raj Modi, President, CREDAI NCR on Amended Real Estate (Regulation and Development) Bill, 2013

Mr Rohit Raj Modi, President, CREDAI NCR on Real Estate (Regulation and Development) Bill, 2013:

“We welcome the passing of the Real Estate (Regulation and Development) Bill as it will reduce the number of ‘one –time developers’ operating in the industry.  It will bring in transparency and accountability in Real Estate and housing transactions, which will infuse long term trust in the  sector.  We expect that the bill will promote orderly growth through consequent efficient project execution, professionalism and standardization as well as  give customers the confidence to commit to buying new homes, with the comfort that their largest investment decision is now protected by a regulator. As an apex body we look forward that the bill should bring in more investors, both from individuals and institutions, as it assures protection as well as overall regulation.  

There are few areas of concerns which the government should look at. One, wilful default must be defined in the Bill in order to remove discretion and secondly, ULB's and Development Authorities should be brought under the ambit of the regulator since the process of issuance of OC/ CC is under their control. 

 The Bill will enable the sector to access capital and financial markets essential for its long term growth. A much needed impetus, as the sector is reeling under tax regimes, multiple, numerous approval and clearances. Overall, the bill will create a transparency level and will make developers more answerable on multiple levels.”