FICCI said that the draft of real estate bill should not only focus on penalising the developers for overrun of time but should also cover the stakeholder liability, including urban local bodies and agencies of the government. The real estate activities are in collaboration with various agencies and individuals. Hence, the developers should not be isolated and legislature needs to cover every real estate body equally. The chairman of Knight Frank India said that there should be a provision in bill for reduction of approval numbers which is requires by the developers. If approvals will be granted within a limited span of time it will encourage delivery of projects on time.
A developer is dependent on agencies for delivery of projects therefore the implementation of real estate regulation bill cannot be much harsh. The stakeholders should also be covered under the ambit of this bill. The regulation bill does not cover commercial properties like industrial construction and malls, it covers only housing. An important facet of the realty sector which is black money has not been included in the bill. It was stated by FICCI that this bill will prevent developers from collecting advance before getting projects approval. It also suggested that to curb these practices pre-sales should be allowed to institutional investors.
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