Delay in real estate bill increases pain for home-buyers, brings relief to builders

Following Rahul Gandhi's accusation of the NDA real estate bill being pro-realtor, three Congress MPs on the 21-member select committee have a tough task at hand as they now have to walk the talk on their professed concern for home buyers, who often complain of getting shortchanged by builders. 

To begin with the delay in enacting a legislation, which was first conceived in 2009, will be a negative for home buyers, many of whom are still awaiting possession of apartments that they had booked six-seven years ago. All these years, builders have been accused of exploiting consumers whether it's delivering the promised carpet area, facilities and services. Builders have also been changing the structure and squeezing the open area for commercial gain. 

The delay in passage of the bill also comes as a relief for the builders who have been lobbying that establishing the regulator could adversely impact the sector that has been identified as one of the key sectors to accelerate growth.

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