The notification of the Real Estate (Regulation & Development) Act, 2016 is a landmark decision of the real estate sector and will help in bringing about greater transparency and accountability, according to Sanjay Dutt, Managing Director, Cushman and Wakefield, India.
Reacting to the notification of the Real Estate (Regulation & Development) Act, 2016, in a statement, Dutt said, “With a deadline of one year given to States to form the real estate regulatory authority (RERA) and Appellate Tribunal, the market is bound to witness greater transparency and accountability. Amidst an environment wherein homebuyers have low trust in under-construction properties due to delays, this law would help bringing in clear accountability of developers and lead to greater optimism of homebuyers.”
“Single-window clearance of construction projects in Delhi and Mumbai would lead to time-bound approvals, providing cheer to the developer community. Moreover, with the Ministry of Urban Development planning to bring all construction-related procedures and approvals online by May end, the ease of doing business is set to improve,” he further said.
“While the Government will place initial blocks for a regulator in the Indian real estate sector, it is imperative that all cities adopt a single-window clearance system for construction projects in order to build developer confidence,” he said.