Proposed real estate law, could force developers to accelerate projects stuck

                NEW DELHI: With the government proposes to bring the development of real estate law jurisdiction of ongoing projects, the developer is seeking to speed up the construction of the existing housing units to evade any regulatory action, but funds may be a limiting factor.

The real estate market, especially in Delhi NCR, has been faced with 6-7 years of project completion, which in turn affects the interests of home buyers is a huge delay.
The Union Cabinet last week approved amendments to the long-standing real estate bill in its scope, so that all ongoing projects, which will require a regulatory agency proposed a new law takes effect after registration.

CREDAI, the highest governing body for real estate developers, has been opposed to the ongoing projects, according to the decision of the proposed law, he said, provisions should be prospective, not retroactive.

"If given a choice, the developers wanted to continue to push ...
"The bottom line is that retroactive effect of the bill will certainly lead to delays in ongoing projects, if they are entangled in the regulatory process," he added.

Property consultant Jones Lang LaSalle India Anuj Puri, chairman and regional director, said that it would be difficult for the jurisdiction of the new law, so that ongoing projects.

"If that is the case, there will be a rush to get a certificate of completion, regardless developers have the ability to do so, before the implementation of the Act," ..
The purpose of Real Estate (Regulation and Development) Bill is to protect the interests of consumers and to promote fair competition in the real estate transaction, and to ensure timely implementation of projects.

The Bill contains real estate projects and real estate broker Real Estate Board recommends registration requirements.
SOURCE : WEB