Mar 15 2016 | Realty Zone

Om Chaudhry, Founder & CEO of FIRE Capital and Chairman & CEO of Astrum Value Homes

Real estate bill will help improve the sentiments of home buyers by boosting their confidence level and making them more comfortable while buying properties. The property buyers would rest assured as a result of the protection provided from any possible exploitation in the hands of builders. Measures like depositing part of the sale proceeds in an escrow account, interest on delays in project completion, time limits for resolving customer complaints etc. would bring much-needed relief to the home-buyers. The bill will bring more transparency in the Working of the sector by promoting professionalism and standardization of industry practices. Along with improved customer outlook and enhanced growth, the sector will also witness a better working environment for builders too. Besides implementing the bill, government should also bring out some administrative reforms to speed up approval processes to avoid project completion delays.

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