Quote by Mr. Vineet Relia, Managing Director, SARE Homes on Cabinet Approval to the Real Estate (Regulation and Development) Bill, 2015

Commenting on the development, Mr. Vineet Relia, Managing Director, SARE Homes, “The sector is currently going through a wait-and-watch phase. This was a long awaited measure that appears to benefit both the developers and consumers because of the regulatory uniformity element. This move is a good push to bring back the consumer confidence segment and encourage transparency, however, few issues need to be addressed in order to ensure an upward growth trend in the sector. Introducing a mechanism above the existing set of authorities who would grant approvals and clearances poses a serious question on the viability of a single-window clearance system. Also, this being imposed on a retrospective basis is like changing the rules of the game past half-time. 2015 has been a year of some positive developments towards bringing order and stability in the sector. As a developer, we are hoping that the amendment would promote speedy approvals and execution of projects, bring about professionalism and accountability in real estate transactions and give a push to the investment sentiment in the sector.”