Mar 15 2016 | Realty Zone

Gaurav Gupta, General Secretary, CREDAI RNE

The real estate bill seeks to address some major concerns of the industry and protecting the interests of home-buyers. The bill would improve the customer sentiments as the bill includes measures to ensure buyers protection and standardization of business practices. The bill will be a watchdog for the malpractices and fraudulent activities of the sector. Overall the bill will be of great help to both the buyers and builders. However approval authorities should also be bring in the ambit of bill as many times they are responsible for project delays. The provisions like depositing 70% of the receivables in escrow account, bringing commercial segment under the bill, establishing state level regulatory authorities, interest on delayed possessions etc would help home buyers in a big way. The bill is a step forward to build up buyer’s confidence and keeping checks on the realty transactions and business. The bill will also be a promoter of such developers who are genuine and professional in their work.

Advertise Here [728 W x 90 H pixels]