If the Real Estate Regulatory Bill is framed right, it could change the face of real estate in India and bring in the much-needed reforms
The Budget session of Parliament will have the much awaited discussion on the Real Estate Regulatory Bill. According to recent reports, the Bill aims to establish a regulatory authority for enforcing fair practices and accountability norms and fast track dispute resolution mechanism in real estate transactions. If the bill is framed right, this could change the face of real estate in India and bring in the much needed reforms in the industry.
The Bill is a very good opportunity for the government to give some structure to the currently ‘unorganised real estate sector.’ The government should take an unbiased approach towards this bill which would benefit the industry and its stakeholders – customers, developers, bankers etc. The Government’s proposed initiative to fast track approvals by putting up the status online will bring in the much-needed transparency and accountability to projects.
The real estate sector is definitely a high growth area for the country. The focus should be on providing the right quality of living to everyone. At present builders are taking the initiative to provide quality and environment-friendly living spaces. Although I don’t personally believe in over-regulation because rules can be bent, I believe that there is a need to structure the industry to ensure consistent quality. This change has to come from within the industry rather than over-regulation. Incentivising may be the best way to go forward. The Bill should help drive up consumer confidence.
Pravin Malkani, Managing Director, Patel Realty India