Consumer associations want the Government to include brokers and agents in the proposed Real Estate (Development and Regulation) Bill. And industry players have sought fast-tracking of project approvals.
These were among the key suggestions during the national consultation on the draft Bill, organised by the Ministry of Housing and Urban Poverty Alleviation (HUPA).
Consumer organisations also sought reduction in the upper limit of the project area from the proposed 4,000 sq meters. They wanted the Ministry to specify the number of minimum units being constructed beyond which registration becomes essential.
Representatives of the real estate industry, such as CREDAI and NAREDCO, said constitution of the Real Estate Authority should be broad-based to take care of interests of all stakeholders. They also sought inclusion of force majeure provisions.
Earlier, addressing the meeting, the Minister of HUPA, Ms Kumari Selja, said the Bill attempts to balance the interests of consumers and developers by imposing certain clear responsibilities on both. She said the proposed regulator will seek to enforce public disclosure and bring in much-needed transparency and accountability, while ensuring an enabling environment.
The Bill also attempts at building investor and client confidence. Along with mandatory public disclosure, the fast-track dispute resolution mechanism is expected to speed up delivery of justice, which would further augment credibility and facilitate larger investments in this sector in the long run, she said.
The Minister drew attention to the fact that putting in place regulators in key sectors like power, telecom, banking and insurance has been instrumental in catalysing growth in these sectors.