Bengaluru: Developers are certain about fine tuning of certain "objectionable" clauses under the proposed Real Estate Bill, as the Centre is open to their objections and recommendations, Jones Lang Lasalle (JLL) India national director (research) Ashutosh Limaye said on Monday.
"We are sure that the Centre will fine tune objectionable clauses, because our dialogue with the government has been encouraging so far."
"We have seen a great difference between the previous and current governments. This government is very open to our objections and recommendations," he told reporters here.
The Bill has been pending before Parliament after the Union Cabinet had approved it. In its final shape, it will be fair to everybody including buyers and developers. "The Confederation of Real Estate Developers' Association of India (CREDAI) is also hopeful that the final form of the Bill will be as fair as possible to all stakeholders," Mr Limaye said.
CREDAI has been opposing the appointment of a regulator under the Bill, which they argue would encourage red tapism.
"The person concerned may end up acting as a representative of the government and facilitate red tapism in the sector," they contend.
Besides, the developers oppose the clause dealing with the cancellation of the registration of real estate projects which can be used to file false complaints against them.
The Bill may also create hurdles for small builders as it will slow down the project clearance process, they feared.
Asked whether the industry witnessed a huge appreciation of real estate prices in Bengaluru market due to the hike in raw material prices, Mr Limaye replied in the negative, saying it would remain between 5 per cent and 10 per cent every year, as it is a stable market compared to other metropolitan cities like Thane and Pune.
"Bengaluru is not like Thane and Pune, which have given, at times, higher returns to investors, while on other occasions lost money. In that sense, Bengaluru is a very stable market," he added.
"We are sure that the Centre will fine tune objectionable clauses, because our dialogue with the government has been encouraging so far."
"We have seen a great difference between the previous and current governments. This government is very open to our objections and recommendations," he told reporters here.
The Bill has been pending before Parliament after the Union Cabinet had approved it. In its final shape, it will be fair to everybody including buyers and developers. "The Confederation of Real Estate Developers' Association of India (CREDAI) is also hopeful that the final form of the Bill will be as fair as possible to all stakeholders," Mr Limaye said.
CREDAI has been opposing the appointment of a regulator under the Bill, which they argue would encourage red tapism.
"The person concerned may end up acting as a representative of the government and facilitate red tapism in the sector," they contend.
Besides, the developers oppose the clause dealing with the cancellation of the registration of real estate projects which can be used to file false complaints against them.
The Bill may also create hurdles for small builders as it will slow down the project clearance process, they feared.
Asked whether the industry witnessed a huge appreciation of real estate prices in Bengaluru market due to the hike in raw material prices, Mr Limaye replied in the negative, saying it would remain between 5 per cent and 10 per cent every year, as it is a stable market compared to other metropolitan cities like Thane and Pune.
"Bengaluru is not like Thane and Pune, which have given, at times, higher returns to investors, while on other occasions lost money. In that sense, Bengaluru is a very stable market," he added.
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