The Confederation of Real Estate Developers’ Associations of India (CREDAI) is preparing to approach the Central Government with a request for adjustments to the proposed Real Estate Bill. The association believes that the implementation of the bill in its current form has the potential to cause significant difficulties for larger developers while simultaneously increasing housing costs for consumers.
According to the realtor governing body, establishing a regulatory body to penalize offenders is essential. However, they argue that several provisions within the bill unfairly target developers, potentially deterring smaller developers from participating in the market.
CREDAI stated that it is imperative for these key concerns to be addressed during the Parliament's winter session when the Bill is under consideration for passage. The organization is advocating for the Centre to actively involve developers in the development and execution of policies aimed at promoting affordable housing, expressing their eagerness to contribute to measures that facilitate the construction of affordable housing units nationwide.
One of the primary concerns revolves around certain guidelines that could result in developers facing penalties for project timelines, which they do not have complete control over. CREDAI is suggesting the use of ‘Residex’, a housing price indicator developed by the National Housing Bank, to improve the parameters used in order to achieve a more accurate representation of the current market conditions.
In addition, the forthcoming meeting will be open to non-members and other professionals, including real-estate consultants. This two-day event will emphasize the importance of sharing effective strategies with participants from Tier-II and Tier-III cities throughout the nation. CREDAI hopes these changes will make the bill and the market more equitable for its members.