Assocham for relook at realty regulator Bill

Industry body Assocham today urged the government to review the draft of Real Estate Regulator Bill, saying the provisions are harsh and inimical to the sector.

"Contrary to expectations, the draft Bill does not allow real estate regulator to act as an impartial arbitrator between industry/developer and various government agencies on one hand, and industry/developer and consumers on the other," Assocham said in a statement.

It said that while the Bill has provision of penalties for developers in case of delays, but it is silent on "addressing the inevitable delay and harassment that accompanies various approvals, making their timelines impossible to adhere to".

"Assocham has suggested review of the Real Estate Regulator Bill in its current shape since many of its provisions are harsh and inimical to industry and stakeholders concerned," it added.

The industry chamber said the government should launch a debate on provisions of the existing regulator bill so that its harsher sections are diluted with a consensus approach.

"It reintroduces the license raj, which is an anathema in this post-reform age. The terms, too, are stringent. The licence is valid only for three years, while the various approvals for a project from a slew of government agencies alone take up to 18-24 months," Assocham Secretary General D S Rawat said.