New Delhi, March 10 (IANS) The Rajya Sabha's nod on Thursday to realty regulator Real Estate Regulation and Development (RERA) bill evoked approving response from the Indian realty industry.
Here is what the realty stakeholders had to say:
"The crucial first step to protect consumers from the prevalent opaque and fraudulent practices that have so far characterised this (Realty) sector in India," said MP Rajeev Chandrasekhar.
"In its content and intent, the new Act could bring in a change in the landscape of real estate in the country, attracting new investors and customers, which the industry has been missing so long," Shishir Baijal, chairman and MD, Knight Frank India said.
Amit Modi, director, ABA Corp said that: "A regulator to curb malpractices in the real estate sector is welcome hence we whole heartedly welcome this bill but we still feel a law without making all the stakeholders concerned accountable, will not be able to help the purpose at large."
"The passage of the Real Estate Bill in the parliament is a welcome move which reinforces the government's intent to enforce and regulate a sector that was largely unregulated," Rakesh Makkar, MD, Fullerton India Home Finance said.
Anshuman Magazine, chairman and MD, CBRE South Asia said: "The Real Estate Regulation and Development bill will have a far reaching implication for the real estate and construction sector. It will help regulate the sectorAand promote transparency."
"The Real Estate Bill will place the Indian real estate market, which currently is fragmented and unorganized, at par with that of other developed countries with clear accountability of developers through the establishment of the Real Estate Regulatory Authority," Sanjay Dutt, MD, Cushman & Wakefiled India said. (IANS)