Real estate Bill may have small impact on prices of plots and flats
Deccan Chronicle | DC Correspondent
Experts say new real estate Bill will prove useful to genuine buyers in the long term.
Real estate Bill gets cleared in Rajya Sabha during the budget session of Parliament
Hyderabad: There will be little immediate impact on the prices of flats and plots in the city after implementation of the Real Estate Regulation and Development Act. The Bill, which will help regulate the sector and bring clarity for both buyers and developers, was passed in Rajya Sabha recently.
Experts in the sector welcomed the Bill, which will be useful to genuine builders and buyers and curb malpractices. President of Confederation of Real Estate Developers Asso-ciation (CREDA) Mr G. Rami Reddy told DC: "For short-term, it may have a limited impact on price of flats and plots as the sector is facing poor demand," he said.
He said the Telangana government has already favoured builders in order to attract more investments from the sector. "We are getting occupancy certificates in 15 days now against a long waiting period earlier. If a builder does not get the certificate within 15 days, the concerned official will be punished. Out of 40 major issues being faced by builders in Telangana, 31 were solved thanks to the Chief Minister," he said.
"At present the industry is facing trouble. Although the state government has favoured builders, the Central Act may become an impediment in getting speedy occupancy certificates as we should approach the Real Estate Regulation Authority," he said.