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The Maharashtra Chamber of Housing Industry (MCHI) has said that the Real Estate Regulatory Bill adopted by the Government is “one-sided’’.
Vimal Shah, President, MCHI, said: “In its zeal to curb a small section of erring developers, the Government is punishing the whole industry. The Bill makes it mandatory for a developer to obtain all clearances before commencing a project, but it does not take into account the inordinate delays in project approvals on the part of government bodies and local authorities.”
The regulator can be effective only if it is in a position to regulate all constituents of the real estate industry — developer, land-owner, approving authorities and customers. The Bill provides for regulating only one of these, he said.
The Bill will only increase the cost of premises, which is going to harm the customer, he added.
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