Home buyers cheer, hope for fast passage of real estate bill in LS

Homebuyers and builders of Noida and Greatar Noida, a hub of construction activity in the National Capital Region, welcomed the passage of the Real Estate Regulatory Authority (RERA) Bill in Rajya Sabha on Thursday.

“We hope that the government and the Opposition will stand together in Lok Sabha and pass the Bill without any delay,” said Indrish Gupta, member, new era flat owners welfare association (NEFOWA).

Homebuyers of the twin cities had started an online movement with the hashtag ‘passrerabill’ to tag video messages to Prime Minister Narendra Modi, Union urban development minister Venkaiah Naidu, Congress vice-president Rahul Gandhi and other leaders. HT was the first to report about it.

Delegations of homebuyers’ associations also met Naidu, Gandhi and Congress leader Ajay Maken for their support in getting the Bill passed in the Budget session.

“We are grateful to both Naidu and Gandhi for their support. We hope after the Bill is passed, it is implemented properly in every state,” said Sumit Saxena, member of a homebuyers’ association.

The Bill introduces real estate regulators at state level, whom the buyers can approach in case of grievances.

At present, in the absence of a stringent law, thousands of buyers suffer from delayed possession of house and lack of promised amenities.

The builders welcomed the Bill but demanded a similar transparent system for the real estate developers as well.

“The Bill is welcomed whole heartedly as it will bring transparency. But the government should make all the stakeholders accountable in the real estate sector. Like the RERA Bill, a single-window system for builders to get clearance certificates and resolve other issues will help us deliver the projects on time,” said Amit Modi, director ABA Corp and president of confederation of real estate developers association (CREDAI), western UP. He said many projects are delayed due to corruption in issuing permits and clearances.