Standardization Of Real Estate Sector

It is now become essential to standardize real estate. Builders and developers are not averse to the idea of a regulator in the real estate sector.Credai president Mr. Kumar Gera said that developers want a regulator to discourage the dishonest players from entering the sector. Mr. Gera further said that Credai has made a number of representations to the government in this regard.

He said that formation of a regulatory body should not end up creating another layer of controls and licensing, which would endorse fraud.

Naredco President Mr. Rohtas Goel said that government should first draft a standard norm, with the consultation of real estate body. It should be adopted by all states. Mr. Goel said that in the era of competition, developers while selling their project promises a number of things to its buyers. But some times, he might not be able to deliver those things on time because of changes in the law or delay in getting permission In that situation, there are cases when customer refuse to pay to ask for damages.


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