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Indian Real Estate News : Sonepat
Have no fears about the Real Estate Regulatory Bill: Girija Vyas
Source: The Times of India Dec 15, 2013
Union Minister of Housing and Urban Poverty Alleviation, Dr Girija Vyas, has assured real estate developers that the Real Estate Regulatory Bill will be suitably modified, if necessary. Speaking at a real estate conclave organised by Confederation of Real Estate Developers’ Associations (CREDAI) in New Delhi, Dr Vyas said the industry should not have any fears about the Real Estate Regulatory Bill.

"There is no reason for worrying about this. We will certainly talk to you first on the Real Estate Regulatory Bill," she said.

The minister, speaking in response to the criticism received from the industry, said there should be more dialogue between the ministry and the real estate industry. "Real estate sector has a huge potential to create the right economic environment. We are keen to bring in reforms for the real estate sector. The sector has to grow," she said.

In what could be a relief for the real estate sector, Dr Vyas agreed that the government will do a rethink on multiple taxation issue of the real estate sector. "We will think about relaxing the Floor Space Index (FSI) norms as well and on relaxing loan facility to the sector," she said.

Interacting with the minister and the audience at the event, C Shekhar Reddy, president, CREDAI and managing director, CSR Estates Ltd, raised issues related to the real estate sector, such as FSI norms, multiple taxation, strict lending to the real estate sector and issues related to the Real Estate Regulatory Bill.

"The Real Estate Regulatory Bill, if it is implemented in its current form will push up prices by 30 per cent, instead of reducing it," said Redyy. "We need a comprehensive regulatory authority that covers all the stakeholders of the real estate industry," he said.

The Minister concluded her statement with the assurance that all the issues discussed at the conclave will be taken up by the government.

The conclave is based on the theme of "Housing, the game changer-leading to double-digit GDP growth," Magicbricks.com, India's leading property portal, is an online partner of CREDAI for the event.

It is noteworthy that Magicbricks experts see the Real Estate Regulatory Bill 2013, which the Union Cabinet approved after a long hiatus in June 2013, was touted to be a game-changer for property buyers as well as the industry as a whole. The aim of the bill clearly was to provide buyers with a level playing field in an industry that is perceived as chronically non-transparent.

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