Reactions to the Real Estate Bill

The recent Cabinet approval for the Real Estate (Regulation and Development) Bill has been hailed by developers and industry experts, saying the move would set the benchmarks in consumer rights protection. But the ‘good’ cannot go with imperfections in its smaller details. So it is pointed out that if speedy project approvals are not brought into its ambit, it could lead to project delays and even rise in costs. The Union Cabinet approved the Real Estate (Regulation and Development) Bill, 2015, and it will now be taken up for consideration by Parliament.

Industry reactions:

Shishir Baijal, CMD, Knight Frank India

It is a welcome move for the entire industry and the amendments are likely to lift overall sentiments. The amendments are in the right direction, but they should be implemented within the time frame and we should not lose the momentum now. With the Cabinet nod, the Bill is very much ready to become an Act, post which the onus will be with the States on how they adopt and implement it.

Anshuman Magazine, CMD, CBRE South Asia

The Bill will prove a game changer, protect the consumer and encourage every buyer. However the ease of doing business needs to be implemented in the real estate sector through a time-bound approval mechanism by the government/local/ urban bodies. The government bodies also need to be held accountable for ensuring reforms in laws and timely project approvals.

Farook Mahmood, President, FIABCI, World Council of Brokers, & CMD, Silverline Realty

It’s a positive step that would offer a fillip to the market. But having taken a closer look at the details, I would think it would need a little tweaking with respect to broker penalty. In the event of builder/promoter not adhering to rules, how can a penalty of nearly 10 per cent be slapped on the broker community? We hardly get 2 per cent in our dealings, where is the reason for such high penalisation for brokers?

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