Realtors express diverse opinion on regulation bill

In Odisha, real estate developers have expressed diverse opinions about the proposed bill to regulate realty sector in the country. The bill is likely to come up during the forthcoming Parliament session. While all sections agree there should be a Real Estate Regulatory Authority (RERA) as proposed, they differ on various clauses and liability provisions in the bill.

The new regulation through the bill will hopefully help curb unscrupulous builders and projects and will help growth of the sector in a more systematic manner, said Pradipta Kumar Biswasroy, president of Real Estate Developers Association of Odisha (Reda). India should have a regulatory mechanism for realty sector as there is no specific law to regulate the sector at present, he added.

Anup Kumar Mohapatra, a Reda member, said the bill should also have enough provisions to ensure single window clearance for builders for various projects.

It should create an enabling environment for both builders and buyers and should not be construed as anti-developer, he said.

Mohapatra said the bill has provision of compulsory registration of properties while giving possession in the name of buyer. There should be stipulation about a situation when a buyer defaults in payment so that the developer is not at the receiving end.