Draft regulation bill brings confidence in Pune homebuyers
Pune:
The proposed draft real estate (regulation & development) bill, 2011 by Central government has leaved great impact on Pune homebuyers, as the city has added 63,49,667 sq m in floor area of construction in 2010 and constantly facing uptrend. Though, it has been criticized by several departments and disputes between property developers and buyers.
According to the senior officials of government, the bill has proposed to stop the irregularities in property transactions, accountability norms and to deter unfair trade practices in the real estate sector.
Though, the proposed regulatory bill has caused to chaos in the CREDAI, a fraction of leading promoters and realtors in the city. According to the Association more rules and regulation will have an adverse effect on the real estate sector and government should have to bring transparency in its own functioning while dealing with it. Basically main objective of proposing regulation bill is to bring confidence in homebuyers.
Conveyance Deed should be introduced as a mandatory doc from the developer builder within 4 months as stipulated by law.