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Credai seeks changes in Real Estate Bill

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The Confederation of Real Estate Developers' Association of India (Credai) today sought modifications in the proposed Model Real Estate Regulatory Authority Bill, saying all stakeholders should be brought under it.

National President Lalit Kumar Jain, who recently assumed office said the licensing authority, consumers, finance and the developers should be brought under the Bill.

"Currently only developers are included under the Bill. Wwhat we need is to bring in all the stakeholders under one umbrella," he told reporters here.

Credai National Vice-President Shekhar Reddy said though the Bill was only in the draft stage, it should comprehensively cover all stakeholders. "It is yet to be tabled in Parliament," he said.

Jain said under the "Mission Transparency" they would collect all information on best practices adopted on completing the procedures in many states.

"Normally, for getting environmental clearance or getting approval in land transactions the time taken for completing procedures takes a minimum of three years. Due to the delay, the land cost doubles when the customer actually buys it. But if the clearances are completed in just three weeks, there may be lot of savings on costs alone," he said.

But in places such as Ahmedabad, Jaipur, Kerala and Hyderabad, the time to complete the procedure is seven to 15 days.

"As of now we plan to collect best practices adopted in some of the cities and will try to give a comprehensive report to the Urban Development Ministry in three months," he said.

Some policy initiatives like "single window clearance" for approvals throughout the country, rationalisation of tax and moderation of stamp duty, which currently varies from state to state call for immediate attention, he said.

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