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Under the new Bill real-estate regulatory bodies will be formed in all state capitals. These regulators such as those present in state pollution control boards might end up being political appointees and add to the existing red-tape, real-estate developers said the on-going projects should be kept outside the purview of the real-estate regulator as and when he/she is appointed. To ask an on-going project to get registered with the regulator will mean hunting for old documents and certificates. This will hold up projects he said adding that the Bill should not be retrospective in nature. There is one more serious issue. Prestige Lakeside Habitat Rent clause dealing with the cancellation of registration of the real-estate projects can be misused. People, who wish to target developer and their projects, might use this clause to file false complaints against developer, Anand added.

According to chairman CREDAI National Bangalore, the Bill in its present form will create a number of hurdles for small developer. It will definitely slow down things and will create one more window where developer have to approach, said who Sobha Dream Acres Rent the developers on an average spend 6-9 months in getting clearances for a single project. This period, according to him is as high as 9-12 months in a city such as Bangalore and two years in Mumbai.

We hope it does not become a stumbling block secondly, Developer have been asked to deposit at least 70 percent of the sale proceeds, including the cost of the land into an escrow account to meet the construction cost. If such a huge amount is kept aside by the developer, then their liquidity will decrease dependency on bank borrowings will increase, which will lead to higher interest costs and this cost will have to be passed on the home buyer. So more thought should go into this aspect as well, he added the representatives from the real-estate body were as well as against bringing commercial real-estate in the ambit of the regulator and the high penal provisions that exists in the Bill in its current form. Meanwhile, developer in Gujarat used this forum to highlight the issues faced by them. Veljibhai Sheta, chairman of CREDAI Gujarat asked the chief minister to make quantum of paid FSI Floor Space Index common for all cities in the state.

He as well as pointed out a number of other issues, including the triple premiums that developer end up paying in land dealings. Others such as Sharif Memon, president CREDAI Gujarat as well as talked about the need for updating the state’s zoning policy and extending mass transportation to cover newer areas of cities While most of the states have seen a decline in attracting new investments in the realty sector, Gujarat has seen a surge of over 700% as the state has attracted investments worth over Rs 17,000 crore as of March 2013 from just over Rs 2,000 crore a year ago said Mr D.S. Rawat, national secretary general of ASSOCHAM while releasing the study on Monday. Kerala is another state which has seen massive growth of over 550% in attracting new investments in real-estate followed by 400% and Rajasthan 175% while almost rest of the states have seen a drop of over 50% in new investments in the realty sector during the aforesaid period. Apart from Gujarat, the states of Maharashtra over 17%, Karnataka 10%, 8% and Uttar Pradesh over 6% are amid top five states with maximum share in new investments attracted by real-estate sector across India, highlights the ASSOCHAM analysis.

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