Changes proposed in real estate bill ambitious, feel developers:: STERN RULES Builders say government should tread carefully; police say change will add to workload NEW DELHI: The government’s plan to bring property brokers and agents under the ambit of the proposed real estate regulatory authority (RERA) is good news for buyers. Industry bodies and experts, however, feel that the government should take one step at a time in implementing the changes. Developers said the regulator should ensure government officials do not delay a commercial or residential projects deliberately. In Delhi, as per the National Crime Records Bureau (NCRB), around ` 181 crore worth of property is estimated to have been cheated out of the possession of complainants during the year 2013. A senior Delhi Police officer, reacting to the creation of the said authority, said its inception would not matter much. “As it is, complainants have the option of seeking a civil remedy to property disputes and turn to the police only when that does not work,” said a senior police officer. “This will just create another pile of files about property disputes — which constitute the maximum value of stolen property in criminal cases — for the police to write and sift through,” the officer added. “Bringing brokers and agents under the bill is not a bad idea but I think to try and achieve everything under one bill will be asking for too much and will just make things more complicated,” said Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield. “There should be a lot more deliberation at various levels before even thinking of bringing in another regulatory aspect for the sector,” he said. The housing ministry also plans to bring commercial real estate under RERA as well, a move industry bodies feel is not right. “Commercial estate essentially needs to be kept out of this as modern, centrally air conditioned and intelligent buildings of commercial complexes need extremely professional and market driven management formats and are largely retained by developers and partially sold,” said Navin M Raheja, chairman of the industry body National Real Estate Development Council (NAREDCO) and CEO & MD, Raheja Developers Limited. “Commercial real estate must not be brought under another suffocating regulatory control. This would not be of much help and will be rather an impediment in business,” he said. “When you are bringing discipline in the real estate sector, residential or commercial, it’s the same and in that sense it will be a more inclusive bill,” said Dutt. He, however, said that it has to be seen if thought has been given to the bill in the first place and whether all stakeholders have been kept in mind while drawing it. “What about government being also accountable, its responsibility for delays in permission at state and national levels?” he said. “To regulate only one of the stakeholders itself is not inclusive,” he said. Source: HT / 15 Jul 2014
Posted on: Wed, 16 Jul 2014 04:38:53 +0000
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