Twitter
Advertisement

Loopholes plague housing bill

Though the bill is a step in the right direction, experts advise thorough debate before it is passed.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

The Real Estate Regulatory Authority Bill, which was introduced in the legislative assembly today, has several loopholes that need to be ironed out. However, these lacunae can be amended in ongoing assembly session before it is passed.

Ramesh Prabhu, chairman of the Maharashtra Societies’ Welfare Association, said, “It is neither in favour of buyers or developers. It has several lacunae that need attention.”

For one, the regulatory bill will be applicable only to private developers. Government bodies, including Maharashtra Housing and Area Development Authority (Mhada) and the Mumbai Metropolitan Region Development Authority (MMRDA), are excluded from application of the bill. “Government bodies also commit mistakes. Who will fine them? And as per the Central government bill, a criminal offence can be registered against the developer. But in the state bill, the criminal offence clause has been removed. There is only monetary punishment which the developer can pay anytime,” said Prabhu and added, “The government should not pass the bill hurriedly. It needs to be discussed thoroughly.”

Lalitkumar Jain, president of the Confederation of Real Estate Developers’ Associations of India (CREDAI), agreed that the bill needs to be studied. “I fear that politicians and government officials may use this as an instrument to interfere in the construction business. The CREDAI is already resolving property-related disputes at its own level,” he said.

Pranay Vakil, chairman at Knight Frank, India, a real estate research firm, said, “The government is only focusing on the housing aspect. They are ignoring the fact that many people are buying commercial properties. So, the commercial segment should be added into the main bill,” he said.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement