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New real estate bill may speed up projects
Highlights
With the government bringing in ongoing projects under the ambit of proposed real estate law, developers are looking to speed-up construction of existing housing units to escape any regulatory action, but funds may be a constraint.
With the government bringing in ongoing projects under the ambit of proposed real estate law, developers are looking to speed-up construction of existing housing units to escape any regulatory action, but funds may be a constraint.
Real estate market has been facing a huge delay of six to seven years in project completions, which in turn has affected the buyers’ interest also. The Cabinet last week approved amendments to the long-pending real estate bill to bring under its ambit all ongoing projects, which would need to be registered with a proposed regulator after the new law comes into force.
CREDAI has opposed the decision to bring the ongoing projects under the proposed law, saying that the provisions should be prospective and not retrospective. “If given a choice, developers would like to push ongoing projects so that they do not get stuck in the registration process of the regulatory department.
One must understand that to compress the delivery time, adequate fund would be required,” said CREDAI president Getamber Anand.
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