Real Estate Reforms must be Consumer Friendly: CREDAI

CREDAI, the apex body of real estate builders demanded that all real estate reforms should be consumer friendly.

Real estate builders’ confederation- CREDAI has recently appealed to all members of parliament (MPs) to create consumer friendly real estate reforms. Real estate builders’ apex body requested them to reflect on the vast numbers of stake projects.

National chief of CREDAI, Mr. Lalit Kumar Jain, praised the government for its bold reforms. He stated that still more could be easily achieved without any further loss. He commended the MPs to have their focus on the housing segment. He stated that only by laying special focus on housing segment, the real estate sector will become capable of accomplishing the set target i.e. home for all.

Mr. Jain sent an open letter to the MPs. In this open letter he mentioned the advantages and disadvantages of bills like Regulatory Bill and Land Acquisition Bill. Both these policies will be implemented in Parliament’s current winter session.

Mr. Jain severely criticized the regulatory bill. He said that the bill is “one sided” as it holds provision to punish the defective real estate builders alone. The bill avoids the defaulting buyers and corrupt officials. So it is simply partial and one sided, he exclaimed. He opined that the Land Acquisition Bill would make houses really unaffordable and costlier.

CREDAI stands for the all-round reforms including administrative, land and fiscal sections. CREDAI demanded reforms in the Tax and Banking sector as well. Mr. Jain said that an all-round reform alone can bring more Transparency especially in the process of housing -clearances.

CREDAI proposed single window system to speed up project- clearances. Single window system will reduce corruption and speed up the clearances. By reducing the human interference the amount of corruption will go down and the projects could be offered at lower prices.

Andhra Pradesh Government is on the verge to introduce single window system in the state. Punjab and Karnataka seem moving in the same direction. CREDAI demanded that the corrupt officials must be punished. For this some special provision should be included in the regulatory bill. He also pointed out the difficulty in getting the eco clearance which delays the project longer.

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