After floods its business as usual for Chennai real estate

The recent unprecedented floods in Chennai has indeed put a spanner in the works of the real estate firms in the booming southern metropolis and its fledgling outskirts, albeit briefly.

After almost two weeks of hibernation and bright sun shine for almost ten days, it is business as usual for real estate firms, which are using innovative means to lure people to sell their projects. While some draw people's attention by claiming that the areas where their residential projects are coming up are safe as they have not been affected by floods, others are making indirect attempts to sell their projects in worst affected areas in and around Chennai by becoming good Samaritans.

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Cabinet likely to take up real estate Bill today, to be presented in RS next

Four months after the select committee of Rajya Sabha tabled its report on the proposed legislation to regulate real estate transactions, the Cabinet is likely to take up the issue Wednesday. 

The Real Estate (Regulation and Development) Bill 2015 is one of the key legislation listed for consideration and passage in Rajya Sabha in the ongoing Winter Session. However, it can’t be placed before the Upper House unless the Cabinet approves its amended draft.

Sources said a Cabinet note on the amended draft of the Bill was sent as early as August 20. “Since then, it was kept in abeyance as there has been intense lobbying by those in the real estate sector, who are opposed to the idea of regulation,” sources said. The legislation provides for setting up a Regulatory Authority and a quasi-judicial Appellate Tribunal as the two tier-dispute resolution mechanism to rectify the currently lopsided builder-buyer equation.

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