Mumbai: We welcome the Real Estate Regulation Bill 2015 passed by the Government. This long awaited regulation was much needed besides it’s intend to safeguard consumer interest the Bill brings in transparency, accountability and efficiency in the sector said Mr. Vijay Kalantri President, All India Association of Industries (AIAI).
According to Mr. Kalantri the Bill besides protecting the buyers from developers brings in the regulation in the sector.
The new bill will also severely alter the financing model of the real estate industry, as it makes it mandatory for developers to deposit 50 percent of the money collected from buyers in separate escrow account to cover cost of construction and land. And use that only for funding construction of the project hence prohibiting unaccounted money to be pumped into the sector
Moreover the Bill brings in line developers promoting fair play in real estate transactions besides ensuring timely execution of projects,
Mr. Kalantri is also of the opinion that a regulation for concerned authorities issuing various clearances and permissions be included in the act.
Your email address will not be published. Required fields are marked *
Save my name, email, and website in this browser for the next time I comment.
Sign me up for the newsletter!
Notify me of follow-up comments by email.
Notify me of new posts by email.
Mercedes-Benz Introduces for the first time in India the iconic G-Class in its new guise- the G 350 d
Ride-hailing service Shopicab is commencing its operations in Pune
Aaseya appoints Adrian Bignall as Global Head of Sales & Customer Success
Business Leadership: A power talk for entrepreneurs
From Words to Screen Vikram Chandra & Anurag Kashyap in Conversation with Tipu Purukayastha
2014 The Global Indian New Network (TGINN)