Home » Bangalore » Bill on real estate evokes mix response

It is a matter of happiness that Union Cabinet is going to approve a real estate Regulation and Development Bill in order to propagate transparency and homogeneity and also for witnessing major changes in this sector that may not be able in gifting benefits to the customers as intended in the new provisions. It is expected that some norms associated with this bill will only increase the price of a real estate property as opposite to the objective of the government and the state government is unlikely to tweak the provisions in any substantial way in reference to state and the its consumer at the end. This is also known as pro-buyer bill and demonstrates the sale and purchase of real estate property by “carpet area” and not “super-built-up area”’ or any other terminology. As the carpet area is known as the net usable floor area of a residential project and super built-up area is the built-up area such as the lobby, lift shaft, stairs, club, etc.
It is known that this sector has already faced a number of regulations and approvals and the customers have welcomed this activity on the other hand the developers in the city fear that this act will increase their compliance requirement and bring in more handicaps to their operations. Before selling the units in a project the provisions affiliated to the approvals are believed to cripple the maneuverability of the developers. It is also expected that the draft bill will create a unique way for the establishment of a state protector in residential real estate domain. Various other provisions include here to look out necessary approvals before launching the project in the market in a time bounded manner.

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