Builders are comfortable with the draft Real Estate Management (Control and Regulation) Bill that the Union Cabinet is deliberating and welcome it as a legislation to protect the interests of the consumer public.
“We only hope that the draft Bill provisions address our genuine concerns,” Trustee, Builders' Association of India, R. Radhakrishnan, opines.
In a chat with The Hindu here on Saturday, Mr. Radhakrishnan detailed the woes being faced by the real estate promoters and government contractors in Tamil Nadu to dispel any “misplaced impression of property promoters” while discussing the measures to be taken to revive the real estate sector.
The former National president of BAI reiterated that reviving the real estate sector was vital to revitalising the national economy and shoring up the sluggish GDP growth.
Conceding that the property development sector was staring down the barrel, Mr. Radhakrishnan attributed the downtrend in its fortunes in Tamil Nadu to unrealistic guideline value fixation, exorbitant stamp duty rates, delay in sanction of plan approvals, avoidable red-tapism in granting utility services, unreasonable cost of aggregates such as cement, and to top it all political interference.
‘Reviving the real estate sector crucial for economy’s uptrend’
‘Plight of government contractors has gone from bad to worse’
