Members of the Chennai Real Estate Agents Association have urged the Centre to expedite the passing of the Real Estate (Regulation and Development) Bill as it will lead to regulation in the housing and construction industry and root out malpractices.
Speaking to reporters on Saturday on the occasion of the association’s 16{+t}{+h}anniversary, office-bearers said the bill would also help bring ethical practices in the industry, which employed a huge number of people in the country.
Rajesh N. Dave, president of the association, said the industry has so far only been self-regulatory and the need for an institution, similar to the Insurance Regulatory and Development Authority, was felt. “The Real Estate Bill will do what IRDA did to the insurance sector,” Mr. Dave said.
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Hira Lall Bagra, president of National Association of Realtors, said the association had over 17,000 members in 26 cities and its primary responsibility was to train and improve the quality of service offered to their clients. It was to this effect that they had a real estate membership entrance test, mandatory for all those who want to be part of NAR, India. The objective was to ensure a difference between their members and others, he said.
Mr. Dave added they will soon be publishing a standard operating procedure that will have among others, a code of ethics to serve as a guide to real estate consultants.
They said the bill would help regulate the industry