Rajya Sabha clears Real Estate Bill to the joy of new home buyers but several ambiguities exist in the Bill which took 10 years to be passed since presented in the House a decade back. Regulator was needed in the real estate sector which has seen a sea of complaints but not much clarity on pending projects and grievances to various authorities as well as courts and the manner in which they would be addressed. The realty sector is in doldrums and while regulation will have no impact on professionally run construction companies and developers which today are in minority, the rest would struggle to complete projects for want of funds and meeting deadlines as well as other formalities. The implementation of the Bill too is a question mark as many politicians have business interest in this sector. I wonder how this regulation can be effectively benefit people when land and development are today controlled by the muscle men and people in power.
We have laws in our country but still we are residing in a country which witnesses highest corruption. Rapes, murders are rising inspite of death penalty for such crimes and hardly we see sentencing being carried out. The passing of the Real Estate Sector bill is positive only if it is combined with measures to help the realty sector with a financial package that helps them to come out of the red. Else, after the farmers, we may witness developers committing suicide when they are unable to fulfil the conditions of the real estate regulator. Government land at reasonable rates, cheap TDR’s, friendly FSI rules, low cost funds, decrease in stamp duties and other levies, one stop clearance window etc are needed to revive realty sector then only Realty Bill will benefit developers and home buyers!
(The views expressed by the author in the article are his/her own.)