A MIXED REACTION
Blog :RNA CORP Blog
Date: 8/6/2012 7:11:42 AM
The realty channel reacts to the Maharashtra Housing (Regulation and Development) Bill, 2012, which has been cleared by both the houses of the Maharashtra State Legislative Council and awaits the Presidential nod
For instance, Manoj John – VP – Corporate Planning & Strategy of RNA Corp feels that the Bill is a state level mechanism to implement the Real Estate Regulatory Bill at the Centre. ” It does provide a framework of standardization that ensures that the entire sector operates in a structured manner. In the past, there have been many instances of inconsistencies and non-compliance leading to loss of customer confidence and even financial loss to the stakeholders. Theses instances would be greatly reduced since the procedures have been laid out to register property details, with necessary approvals and a commitment to deliver on time.”
Further, he states that there is also the assurance of action by housing appellate tribunal which will deter fly-by-night developers in engaging in fraudulent schemes.
However, he points out that the final version of the bill also needs to list the framework for granting government approvals with timelines. ” This is much sought-after component by the real estate developers towards a meaningful legislation,” he adds.