CREDAI: REALTY BILL WILL ONLY INCREASE CORRUPTION

BMRDA Approved Layouts | Plots for sale in Bangalore | Apartments for rent in Bangalore

According to the Confederation of Real Estate Developer’s Associations of India (CREDAI), the proposed real estate regulatory bill would only increase corruption.CREDAI represents 8,800 Developers through 20 States and 114 City chapters across the Country.The bill is expected to come up in the current session of Parliament.

According to the National President of CREDAI, the sweeping powers sought to be vested with the Regulatory Authority would only increase corruption manifold, instead of curbing it.This may serve political interests of the powers that be, but does not solve the Home Buyer’s issue of making housing affordable.

For instance, if the Authority seeks to grant registrations manually and even empowers the regulator to reject them.It also gives discriminatory powers to the Authority to cancel registrations. This is dangerous and will lead to greasing the palms and all such cost is bound to be passed onto the End-Buyer.

The best way is to strengthen the Consumer Redressal Forum by adding a chapter on realestate and empowering it.CREDAI wants a true regulator, which will govern all the stakeholders and have powers to ensure that no delays occur due to other stakeholders like the Planning Authority.There are provisions to penalise Developers under CrPc (code of criminal procedure), though economic offences do not invite such draconian Legal Action.

 Bangalore property

The bill also provides for depositing 70 percent of the sale price in a Bank account by Developers. Blocking such a large amount will hamper their liquidity and business expansion.The real estate and construction industry is the Country’s largest Employer after agriculture. The regulatory provisions will create a fear of psychosis and also discourage Entrepreneurs from entering the business.

More,
2BHK Apartments in Bangalore
Site at Bangalore
Villa Houses in Bangalore
Apartments for sale at Electronic city
Individual house for sale in Bangalore 
Plots for sale in Bangalore
Flats purchase in Bangalore
House for rent in Bangalore
Apartments for rent in Bangalore
BMRDA Approved Layouts

Anekal
Bannerghatta Road

Devanahalli Road 
Electronic City
Hosur Road
Indira Nagar
Kanakapura Road
Koramangala
Sarjapur Road
Vijayanagar
Whitefield