Welcoming the Centre's decision to approve the real estate regulatory bill, a section of developers here say the proposed law should have been more balanced.
According to Anshuman Magazine, chairman and managing director of real estate consultants CBRE, South Asia, "The Bill should have been more balanced taking in view the challenges faced by developers and consumer grievances. While consumers need protection for real estate development to happen more efficiently and in a transparent manner, administrative reforms are required urgently."
"This Bill will help institutionalise the sector, giving it the necessary fillip for growth and development. Hopefully, this would also be a positive step in the direction of providing industry status to the sector - another awaited demand of stakeholders in the real estate," said Sanjay Dutt, executive managing director of real estate consultants Cushman and Wakefield.