The passing of India's Real Estate (Regulation and Development) Bill 2015 has not yet been approved by the Parliament as it ended its session. The supposed bill which is expected to make some changes in the real estate ecosystem of India was left untouched by the parliament. As a result, some individuals and groups calling for changed felt frustrated regarding the turn of events.
Several groups expected that the supposed passing of the bill would herald a new beginning for the industry and the bill would also likely help plug in the loopholes in the real estate industry. Business owners and clients alike are guaranteed fair protection from the Bill if ever passed.
The major reason for the call of change is anchored along the lack of accountability on the Government authorities' side. According to Navin Raheja, Chairman, Naredco Advisory Council and real estate committee, FICCI and MD, Raheja Developers via firstpost, he stated that;
"We wish the sanctioning authorities in the estate were included in the real estate bill because without bringing them on board delays would continue in the implementation of projects. And we wish the project escrow account should have been at a lower realistic level as per actuals."
There is a fear among developers that the delays caused by some government agencies and complications in the approval system could lead to situations where quality and timeliness of their business output are being affected. And with the help of the bill "the government authorities will now have to get rid of their laid-back attitude, of which they are often labelled with, and would need to prepare to get into their respective roles to kick-start real estate," said firstpost. And as detailed by the report, government efficiency would surely be increased with help of the bill as "fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal" are to be implemented.
