The much anticipated, Real Estate (Regulation and Development) Bill, 2011 is being reviewed by a Parliamentary committee and the government is expected to get the bill approved during its parliament's monsoon session.
The government has included some of the changes recommended by the industry stakeholders, from buyers to developers to industry experts. If the bill is implemented, it will make sure that the urban poor have proper housing as it will be mandatory for developers o keep some section of the project for housing for the lower income group.
The bill will also make the clearance process faster and address the major issue raised by developers. It is believed that that lengthy approval process causes delays in most real estate projects in the country. The new regulation aims to address the issue and streamline the approval process. It will also restrict hoarding of land assets by large developers.
Under the new regulations, the developers will have to submit project details like approved layout plan, timeline, cost, sale agreement to the regulator even before launching the project. If a developer does not comply with the rule, then a penalty of 10% of the project cost on the developers or jail for a maximum of three years will be imposed.
Industry leaders have expressed serious concerns on the bill and have said that it will severely affect infrastructure , industrial and township development.
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