GROUND BREAKING - Real boost for homebuyers


GROUND BREAKING - Real boost for homebuyers



 

 
With Real Estate Regulatory Authority (RERA) Bill being cleared in Rajya Sabha, the real estate sector will be streamlined and the homebuyers will be protected from defaulting developers
Finally, decks have been cleared for the Real Estate Bill to become a law that seeks to spell out stringent provisions for the erring builders. After the bill has been passed in Rajya Sabha, it will be a cake walk for the government to get the approval of the Lower House, where it enjoys clear majority. Developers as well as homebuyers have welcomed the development. Amit Modi, director, ABA Corp and VP, CREDAI Western UP, says, “A regulator to curb malpractices in the real estate sector is welcome, hence we whole-heartedly welcome this bill, but we still feel a law without making all the stakeholders concerned accountable, will not be able to help the purpose.“

Vikas Bhasin, MD, Saya Group, says that the development has come out as a huge relief for the existing and future homebuyers of this sector. “It is now just a matter of approval from the lower house that RERA will become a reality for the country's realty sector. With the new amendments in place, even the existing projects will be counted in for justice,“ Bhasin says.

David Walker, MD, SARE Homes, shares, “We hope it will give homebuyers the confidence to return to the market. The Bill will make real estate more transparent and organised and responsible builders will prosper.“

Deepak Kapoor, president, CREDAI, Western UP, says, “There are key features of the bill like maintaining an escrow account by builders, barring developers from making changes in the construction plans which will are in the interest of customers.“

Kushagr Ansal, director, Ansal Housing, notes, “Developers will now have to park 70 percent of the amount collected from the buyers of the project in a separate bank account,which will ensure timely delivery of the projects.“

Rakesh Yadav, chairman, Antriksh India, avers, “The era of buyers in the real estate sector has finally come. With the Lok Sabha to give a final word on the same, there will then be a sudden filtration process which will become visible where all the dishonest players in the sector will become eradicated.“

Ashok Gupta, CMD, Ajnara India Ltd, points out, “With this Bill in place, every state will have a regulator who will be continuously supervising and monitoring. Moreover, the projects will now be completed on time and developers will have to submit all the layouts, plans and documents with the regulator who will ensure transparency and hence, customers will feel more secure while transacting.“

Sunil Gupta, director, MB Infrabuild Pvt Ltd, says that this is a positive move by the govern ment as this will secure the interest of homebuyers in the real estate sector in India. “The new Bill ensures a bet ter organised real estate sector, timely completion and hand-over of projects, accurate information will be provided by the builders to the homebuyers.“

Om Chaudhry, founder and CEO of FIRE Capital and chairman and CEO, Astrum Value Homes, says, “Real Estate Bill will help improve the sentiments of homebuyers by boosting their confidence level and making them more comfortable while buying properties.“

Pradeep Aggarwal, chairman, Signature Global, says, “The bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The bill intends to improve transparency in the real estate sector.“

Ravi Saund, COO, JMS Buildtech, says, “It is a big relief for not just homebuyers, but the developers as well. It will for sure weed out fly-bynight operators.“

Sanjeev Jain, CMD, Rishabh Group, says, “It will ensure that the developers will have to disclose details of projects, status of land parcels, statutory approvals and details of the contract with the buyer.“

Rattan Hawelia, founder and chairman, Hawelia Group, says, “The regulatory bill has provisions to keep check on the developers which will definitely work as a deterrent. It will bring more transparency between the developer and the homebuyers.“

Homebuyers are also overjoyed.“It is a good news for all buyers and the Act will have good control on builder's illegal activity,“ says Sumit Saxena, a homebuyer.

 

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