The Confederation of Real Estate Developers’ Association of India (Credai) said the real estate sector will now get the status of industry, but also sought changes in some “rigid provisions” of the real estate bill, which passed in Rajya Sabha recently. The bill would be applicable for projects coming up on 500 sq m onwards or minimum eight flats. Sunil Bhaybhang, Vice-President of Credai (Maharashtra), said the proposed bill, mandate to register projects by providing necessary details online. The provision should be limited to only submission of information online and the projects should not be delayed for want of other permissions or NOCs. Moreover, the condition of depositing 70% of the collections from buyers in a separate account towards the cost of construction is also rigid. He said that the deposit limit should be reduced to 50%. The real estate sector should also get the benefits in the form of reduction in the number of permissions and NOCs, he said. President of Credai (Nashik) said that the ongoing projects should be exempted from the bill. He also said that a new trend always enter the realty sector after every three-four years. Hence, the Government needs to remove the condition that the builders have to seek consent of two-third of the allottees if they want any changes in the projects.
Home Urban Infrastructure News Realty News Credai looks for changes in ‘rigid provisions’ of Real Estate Bill