The need for real estate bill has been felt since long time in this unorganized sector. This is an important development towards the regulation of realty sector and to provide relief to the home-buyers. The amendments which were made to the bill last year aimed to promote transparency, greater accountability, protection of home-buyers & investors, and efficient working in the sector.
The passage of bill will also result in authentic players remaining in the market and non-credible ones exiting due to stringent checks that would be brought by the bill. But it is also important that the bill needs to be a balanced one which is agreed upon by both buyers as well as builders. It is important to fix the accountability of approving authorities. This is important step towards avoiding delays.
Bringing government agencies and authorities under its ambit would be beneficial to developers too. This would ensure that there will be a dedicated authority to deal with all the grievances. Overall, the bill once implemented will boost customer confidence and change the complete gamut of real estate workings.
Credits ET Realty