Real Estate firms want a Regulator

June 20, 2008	(1 votes, average: 5 out of 5)  Loading ...
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Builders and real estate developers are not averse to the idea of a regulator in the real estate sector.

Confederation of Real Estate Developer Association of India (Credai) president Kumar Gera said that developers want a regulator to discourage the unscrupulous players from entering the sector.

He said that Credai has made a number of representations to the government in this regard. He said that the real estate development industry is fragmented and there is no pre-qualification, resulting into entry of fly by night operators in the sector.

He said, formation of a regulatory body should not end up creating another layer of controls and licensing, which would promote corruption.

President of National Real Estate Development Council (Naredco) Rohtas Goel concurring with the view said that government should first draft a regulatory act, with the consultation of real estate body. The regulatory act should be adopted by all states. Goel said that in the competitive era, developers while selling their project promises a number of things to its buyers. But some times, he might not be able to deliver those things on time because of changes in the law or delay in getting permission In that situation, there are cases when customer refuse to pay to ask for damages. If there is a regulator, he said, genuine builders can seek redressal in that situation.

News Published Under:   Real Estate India, Real Estate Developers |

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