Small Property Developers Passing Sleepless Nights

March 7, 2007	(Be the first to rate this story!)  Loading ...
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Small Indian real estate developers are highly anxious these days. The real estate management bill, which the government is going to introduce in the ongoing Budget session, aims at putting a full stop to unethical practices that the Indian real estate is famous for.

Primarily, the bill asks to make it mandatory for neighborhood property dealers to get a license for practicing. The bill also restricts developers from issuing advertisements till the project gets cleared. Moreover, the dealers cannot accept money before the execution of the sale agreement.

While prominent real estate developers have expressed happiness at the proposed legislation, it is the small-time builders next who cannot take a sigh of relief.  Tehe higher authorities denies to comment on the legislation before it’s introduction, but maintains that licensing is a state subject and cannot be taken up by the Center.

Not all the property developers in India share the same opinion regarding “to be introduced bill”. Many are there who see it as a good step to prevent shrewd developers from bringing a bad name to the industry.

Also, banning pre launch projects is another welcome step. “It is small time builders who practice such things to grab money from investors to buy land – a step that may result in big loss if the deal dies not get a go ahead”, says many builders.

News Published Under:   Real Estate Developers |

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