Builders differ on the Real Estate Regulatory Bill, presented as a boon to the developers by the government. Many see Regulatory Bill as unfair while others see it as fair as it will block the unscrupulous and dubious builders.
Prospective buyers are happy that their rights will be more protected with the launch of Regulatory Bill. But how far the Bill will be helping the real estate builders remains as a matter of confusion.
Many developers are of the opinion that the Real Estate Regulatory Bill is absolutely ‘one- sided.’ They ask how the bill will help them when it has provision to send the builders to jail in case of delayed delivery of project. They pointed that some of the projects get delayed despite the best- effort of the builder.
The bill is believed to curb the presence of default developers as well as unscrupulous and dubious builders. As per the new Regulatory Bill, the builder has to register and enroll them for any bigger project. Making this registration mandatory, the bill will surely limit the entrance of unscrupulous and dubious builders.
Real Estate Developers Association’s (REDA) Odisha Panel Head Mr. Pradipta Kumar Biswasroy opined that such a regulator is necessary as there is no one to regulate the sector. According to him most of the unscrupulous and dubious builders exist in the industry only because the sector lacks such a regulator.
At present there prevails no proper law to prevent this kind of developers from entering the field. Mr. Biswasroy said that the real estate sector loses its face due to the presence of such builders.
He expressed his hope that the new Regulatory Bill will change the existing situation and it will help the sector to grow more systematically. Bhubaneswar – centered builder Mr. Anup Kumar Mohapatra told that the new bill should include single window clearance to pace up the construction of projects.
Many of the builders say that the bill should include provisions to punish the default buyers as well. They opined that monetary penalty should replace the jailing. Further the builders demand that the punishment should be given only after considering the effort of the builders. They stated that some of the delays are beyond their limit. In such instances the punishment of the builder is unfair as it was out of his control.