Pragmatic realty regulatory regime vital
CREDAI president mooted single window clearances and greater transparency in the process during the CREDAI Conclave 2011 held last week at New Delhi
Putting forward a model bill for single window clearance of realty projects, CREDAI (Confederation of Real Estate Developers' Associations of India) strongly advocated a comprehensive Real Estate Regulatory regime.
Dismissing the draft regulatory bill prepared by the government as "'Public Amusement and Developers Harassment Bill", CREDAI National President Lalit Kumar Jain said it will hamper the growth of the industry.
"The regulatory bill in its current form is nothing but Public Amusement and Developers Harassment Bill," he said addressing CREDAI Conclave 2011 at New Delhi.
"The government's regulatory bill will not only kill the enthusiasm of the builders but also prevent creative and visionary people from coming in to this business. What we need is regulation and planned development in the sector to ensure sale of immovable properties in an efficient and transparent manner," he added.
Around 1,000 delegates including developers, financing institutions, professionals, representatives of stakeholder groups and distinguished individuals from across the real estate spectrum of the country and abroad participated in the event.
CREDAI has brought out a model draft for speedy approval of projects through a single-window clearance in the real estate sector and strongly advocated a comprehensive Real Estate Regulatory regime.
Real estate developers strongly opposed 'Real Estate Regulation and Development Bill, 2011. The CREDAI President said that the Bill is not industry-friendly. There is an array of problems faced by developers. Many-a-times even after getting the initial sanction, the final approval gets delayed due to change in policy by the commissioner or the CM, etc. The regulator should look into such delays, which are not in the hands of developers, he said.
"The Regulator should support fair practices in real estate business and should have control over all stake holder including approval authorities, the government and financial Institution. CREDAI suggests computerization in all departments to avoid corruption. There should be reservation for economically weaker section and low income group rather than struggling to make affordable homes," Lalit Kumar Jain said.
He opined that if floor space index (FSI) concept is removed there will be well planned and disciplined development in the realty sector. There will not be any escalation on the property prices also.
"The real estate sector prefers to do business without pressure and with support of the Regulator. We need it to prevent fly-by- night operators to come into the business. We need it to protect customers. We do not want license Raj and allow us to do business without pressure," he added.
"If country's policy makers are really serious about providing affordable housing they should set us free from clutches of red tapism. They should not tighten the noose with the regulatory bill," he said.
The CREDAI chief also stressed the need for uniform guideline for all states in terms of rationalization of stamp duty, guideline rates, property taxes etc.
The system of multiple clearance involving 40 departments is increasing the cost and delaying projects. The government should take an action for single window clearance system in real estate sector, he added.
CREDAI president mooted single window clearances and greater transparency in the process during the CREDAI Conclave 2011 held last week at New Delhi
Putting forward a model bill for single window clearance of realty projects, CREDAI (Confederation of Real Estate Developers' Associations of India) strongly advocated a comprehensive Real Estate Regulatory regime.
Dismissing the draft regulatory bill prepared by the government as "'Public Amusement and Developers Harassment Bill", CREDAI National President Lalit Kumar Jain said it will hamper the growth of the industry.
"The regulatory bill in its current form is nothing but Public Amusement and Developers Harassment Bill," he said addressing CREDAI Conclave 2011 at New Delhi.
"The government's regulatory bill will not only kill the enthusiasm of the builders but also prevent creative and visionary people from coming in to this business. What we need is regulation and planned development in the sector to ensure sale of immovable properties in an efficient and transparent manner," he added.
Around 1,000 delegates including developers, financing institutions, professionals, representatives of stakeholder groups and distinguished individuals from across the real estate spectrum of the country and abroad participated in the event.
CREDAI has brought out a model draft for speedy approval of projects through a single-window clearance in the real estate sector and strongly advocated a comprehensive Real Estate Regulatory regime.
Real estate developers strongly opposed 'Real Estate Regulation and Development Bill, 2011. The CREDAI President said that the Bill is not industry-friendly. There is an array of problems faced by developers. Many-a-times even after getting the initial sanction, the final approval gets delayed due to change in policy by the commissioner or the CM, etc. The regulator should look into such delays, which are not in the hands of developers, he said.
"The Regulator should support fair practices in real estate business and should have control over all stake holder including approval authorities, the government and financial Institution. CREDAI suggests computerization in all departments to avoid corruption. There should be reservation for economically weaker section and low income group rather than struggling to make affordable homes," Lalit Kumar Jain said.
He opined that if floor space index (FSI) concept is removed there will be well planned and disciplined development in the realty sector. There will not be any escalation on the property prices also.
"The real estate sector prefers to do business without pressure and with support of the Regulator. We need it to prevent fly-by- night operators to come into the business. We need it to protect customers. We do not want license Raj and allow us to do business without pressure," he added.
"If country's policy makers are really serious about providing affordable housing they should set us free from clutches of red tapism. They should not tighten the noose with the regulatory bill," he said.
The CREDAI chief also stressed the need for uniform guideline for all states in terms of rationalization of stamp duty, guideline rates, property taxes etc.
The system of multiple clearance involving 40 departments is increasing the cost and delaying projects. The government should take an action for single window clearance system in real estate sector, he added.
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