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CREDAI suggests comprehensive real estate law
30 April 2011: The proposed law to regulate the development of India's real estate sector must address the interests and responsibilities of all stakeholders, according to the industry experts.
General consensus on these lines was reached by the Confederation of Real Estate Developers' Associations of India (CREDAI) at its 11th national convention in Singapore on 29 April 2011. In a briefing after the convention, the draft bill, as initiated by the Union Government, was now focussed primarily on the responsibilities of the real estate developers. The proposed law should, instead, be “comprehensive in scope,” covering all stakeholders, says sources.
Besides the various governments and local authorities with the power to grant approvals for constructions, the other stakeholders were the real estate developers and the buyers of homes and offices plus the agencies in the business of funding projects and purchases. So, it was essential that all these stakeholders must be held accountable under any legislation for the proper administration of the real estate sector.
The CREDAI conference discussed various aspects such as speed and efficiency as also innovation and technology for the modernisation of Indian realty. The construction of the Indira Gandhi International Airport in Delhi as a case study and the making of iconic buildings in other parts of the world also received attention.
Source: Hindu