Confederation of Real Estate Developers Association of India (CREDAI) has said that the proposed Real Estate Regulatory Bill should maintain “equilibrium” between the realtor and the public besides regulating the real estate industry covering all its stake holders. The bill seeks to make it mandatory for developers to launch projects only after getting all the statutory clearances from the concerned authorities. However, certain provisions in the Bill need to be modified otherwise it would result in “substantial increase” in the cost to buyers and also impact affordable housing initiative.
A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government recently.
