Government Modifies Real Estate Bill to Curb Delays in Real Estate Projects

October 22, 2009	(Be the first to rate this story!)  Loading ...
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The days of developers making excuses to hapless owners may well be over if the amendments to the proposed real estate regulatory bill are anything to go by. According to sources the government is modifying the bill to include rules aimed at curbing delays in real estate projects wherein banks and financial institutions may also be held responsible for delay in the project if the funds are not made available in time.

Moreover, the contractor who is executing the project would also be held responsible if he misses his deadline. Penalising banks and contractors are not the only measures in the offing to address the problem of project delays. The government seems to be also admitting that regulatory hiccups, arising at the level of urban authorities, such as DDA in Delhi for example and hopes to address the problem in the new amendments.

Also on the cards is introduction of a licencing system for architects and those authorised by the government wont need any separate approvals. “When a company like DLF and Unitech give a commitment, they are very well aware of the processeses involved, and should incorporate these factors at the very beginning. But nonetheless, what’s of paramount concern is that the interests of end users can be expected to be better protected,” said Jyoti Taneja, a property lawyer. Amidst all this, the bill is expected to be introduced in the winter session of the parliament hopefully with the amendments. And if passed consumers like you and me will be clear winners.

News Published Under:   Real Estate India |

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