Builders oppose proposed real estate regulatory bill

Indian realty industry bodies-CREDAI and NAREDCO opposed the Union government's proposed real estate regulatory law saying that the bill in the current form is not practical and only favours property buyers. Union Minister of Urban Development Kamal Nath and Minister for Housing and Urban Poverty Alleviation (HUPA) Ajay Maken on January 16 called a meeting of six industry chambers-CREDAI, NAREDCO, CII, Ficci, Assocham and PHDCCI-to discuss the draft bill.

HUPA Ministry is planning to bring this bill in the forthcoming Budget session of the Parliament to regulate the sector. At present, inter-ministerial consultations are on after which Cabinet clearance will be sought. NAREDCO president Naveen Raheja said that he opposes the bill in the current form as it is not practical and it is one sided, in favour of consumers.

The association sought that all consumer complaints should be addressed to the proposed real estate regulator and no other authorities should attend their complains, Raheja said.