Hyderabad: Disclosure financial details may lead to competition among builders

Hyderabad: The balance sheets and income-tax returns of builders will not be made public under the Real Estate (Regulation Development) Act, 2016.

“We have no objection to making the details public pertaining to flats, houses and amenities provided. But where is the need to put all our financial details before the public,” said Mr C. Shekar Reddy, builder and past national president of the Confede-ration of Real Estate Developers Associations of India

Disclosing financial details could will lead to unhealthy competition among builders, and to litigations. “Compet-itors may try to create problems by using this data. When no regulator is asking to make financial details public, why should developers do this,” he said.

He said builders are already submitting all financial details to the Registrar of Companies and if anyone wants, they can access the details from the RoC. The financial details can be accessed by those who have booked houses/flats, but not by all.

Municipal administration minister K T Rama Rao said, “We are still in the process of devising draft rules. We are receiving representations from various quarters. Nothing has been finalised. A committee has been formed to draft the Rera rules, which will be notified by the middle of this month.”

A committee has been formed to draft the Rera rules, which will be notified soon.