Friday 7 June 2013

Real Estate Regulation Bill is made

This week, the union cabinet had approved the Real Estate bill as an initiative to protect the interests of the consumers(home buyers). It would be a boost to the residential sector. But, it would be meaningful only when the completed land records are available. The land records compilations are far from complete. Right now land sharks have prime estates firmly  in their clutches. The Bill proposes to give uniform regulatory environment to protect the consumer's interests and settle property disputes speedily. This will give advantage to the real estate sector or the builders a bigger chance to make residences in urban India. As it is, the economic liberalization has led to greater and greater profits for the real estate sector. Government thinks that it cannot provide housing for urbanites; so encouraging real-estate sector will mean that housing will be taken care of. But it is wrong. Property for the rich and upper middle class can be easily bought from the real-estate builders as costs are high. But the middle and lower middle(which is the majority of the population), there are no affordable homes constructed? The real-estate bill will lead to standardization of laws. Now it is defined what is an 'apartment home', what is a 'common area' and what is a 'carpet area'. Allied sectors like telephone lines, electricity , security, insurance are connected to the real-estate sector. There will penalties imposed if a promised property is not delivered at the right time. This give confidence to the upper middle class and upper class consumers/buyers. Housing and Urban Poverty Alleviation Ministry initiated this bill for the upper class persons who are a small minority. The vast majority who are middle and lower middle are the people the poverty alleviation ministry should concentrate upon. What are the plans for them? If no plans are made, more slums would arise.

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