The failure of the West Bengal Government to repeal the Urban Land Ceiling Act has only benefited the developers and land speculators thereby leading to spiralling of land prices, Mr Lalit Kumar Jain, President, Confederation of Real Estate Developers' Association of India (Credai) said here on Wednesday.

Speaking at a summit organised by Credia Bengal, Mr Jain said: “The failure to repeal the Urban Land Ceiling Act here has made developers rich. It is shocking and looks as if we are living in the 18th century.”

Mr Jain maintained that other States such as Maharastra have already repealed the Act and it was time that West Bengal too follow suit.

MISSION TRANSPARENCY

Stressing on the need to have a single widow clearance for real estate projects in the country, Mr Jain pointed out that Credai was already in discussions with the Union Urban Development Ministry in this regard. Cost of funding in different real estate projects have been going up in the country following delays in obtaining approval from multiple government agencies, he added.

“If all the departments concerned come out with the necessary checklists and there is a system of single window clearance, then it is bound to lead to at least 25 per cent reduction in costs,” Mr Jain said.

As a part of its “Mission Transparency”, Credai has also asked its members to adhere to its code of conduct where the developer will clearly mention all necessary details relating to an apartment. Issues like carpet area provided and super built area shall also be clearly mentioned in the brochures provided by the developers.

Credai will also lay stress on making effective its redressal forum to address disputes and grievances between developers and the buyers. The redressal forum has already been successful in Chennai and Maharashtra.

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