The draft bill, initiated by the Centre, focuses on the responsibilities of real estate developers

The proposed law to regulate the development of India's real estate sector must address the interests and responsibilities of all stakeholders, according to the industry leaders.

General consensus on these lines was reached by the Confederation of Real Estate Developers' Associations of India (CREDAI) at its 11th national convention here on Friday. The two-day meeting, inaugurated by Union Urban Development Minister Kamal Nath on Thursday, was presided over by CREDAI Chairman Pradeep Jain and President Lalit Kumar Jain. Other key speakers included CREDAI Secretary T. Chitty Babu and Vice-President C. Shekhar Reddy.

In a briefing after the convention, Mr. Chitty Babu said the draft bill, as initiated by the Centre, was now focussed primarily on the responsibilities of the real estate developers. The proposed law should, instead, be “comprehensive in scope,” covering all stakeholders, he emphasised.

Besides the various governments and local authorities with the power to grant approvals for constructions, the other stakeholders were the real estate developers and the buyers of homes and offices plus the agencies in the business of funding projects and purchases. So, it was essential that all these stakeholders must be held accountable under any legislation for the proper administration of the real estate sector, said Mr. Chitty Babu.

The CREDAI conference discussed various aspects such as speed and efficiency as also innovation and technology for the modernisation of Indian realty. The construction of the Indira Gandhi International Airport in Delhi as a case study and the making of iconic buildings in other parts of the world also received attention.

Awards were presented by Mr. Kamal Nath to various real estate developers in a number of categories. Mr. Chitty Babu received two awards on behalf of the Chennai-based Akshaya Pvt. Ltd, which he heads as its Chairman and Chief Executive Officer. The awards were for “highest transparency” and for the “best legal systems.” It was for the fourth successive year that this company received the award for the “best legal systems.”

Other winners included the Chennai-based firm Lancor Holdings, for the “highest consumer protection;” the Kochi-based Asset Homes Pvt. Ltd. for the “most innovative project;” and the Jodhpur-based Essgee Real Estate Developers Pvt. Ltd. for the “best environmental safety.”

Keywords: real estateCREDAI

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