Housing societies want real estate Act

Updated - October 14, 2015 05:46 am IST

Published - October 14, 2015 12:00 am IST - NEW DELHI:

Residents of housing societies across the country came together on Tuesday to appeal to the government for expediting the process of making the Real Estate (Regulation and Development), 2013 Act. Swaraj Abhiyan leader Prashant Bhushan too joined the protest and alleged that the government’s activities appeared clearly influenced by the builders.

Supporting the cause, Mr Bhushan said the RERD Bill has been pending for over two years now and is very essential for safeguarding the interests of home buyers. “It is primarily the lack of proper regulations, specifically a strong and effective Real Estate regulator that passing the bill is so essential. We feel the government has not taken any decision and it may be (due to) pressure of the real estate lobby as their interest will be threatened if such an Act comes into force,” he said.

Lieutenant General GK Bahri who represented the Housing Association from Gurgaon said that the biggest advantage of the Act would be the setting up of an independent Real estate Regulator. “If the Act is enacted, then there will be a real estate regulator, independent of government, who can grant licence to real estate developers. Plus, it will be mandatory for the builder to deposit 50 per cent of the amount paid by the consumer before the regulator and which act as a security amount if he fails to fulfill his committment,” Mr Bahri said.

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