AIAI says concerned authorities may be included in Act.
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.