Realty bill will dissuade unfair trade in property deals, realtors

By Accommodation Times (www.accommodationtimes.com)

Recently, the central government has proposed the real estate regulatory bill to deter the irregularities and unfair trade practices in property deals. However, state government has apposed the bill by saying that “execution of provisions which has mentioned in the proposed bill will render most infrastructure and irrigation projects in the state unviable.”
However some market developers have supported the bill said that “proposed bill will deter the irregularities in property transactions.” Mukesh Bhagtani, CEO, Jaycee Homes Ltd. “this is a positive step by government and will go a long way in bringing more accountability and transparency in real estate transactions.”
Similarly, Vishwajeet Jhavar CEO – Marvel Realtors says, “we believe that the bill will dissuade irregularities and unfair trade practices in property transactions. This will help to restore confidence amongst the general public by increasing transparency and accountability within the Real Estate sector. Also, it will bring uniformity in the industry and will help both the developers as well as the people in the long term.”
Contrary to these statements CREDAI said bill is biased it should be balance, CREDAI Chief Lalit Kumar Jain said “The government’s regulatory bill will not only kill the enthusiasm of the builders but also prevent creative and visionary people from coming in to this business. What we need is regulation and planned development in the sector to ensure sale of immovable properties in an efficient and transparent manner.”