Mr. Aman Agarwal, Governing Council Member #NAREDCO & Director, KV Developers says on #Realestatebill
Mr. Aman Agarwal, Governing Council Member NAREDCO & Director, KV Developers says on Real estate bill
“ The approval of Real Estate Regulatory Bill is a complete turnaround for the sector and the Indian Economy. In the line of strengthening and organising the sector, this move will surely become a paradigm shift. It is indeed a positive step taken by the government to regulate the sector. It will definitely work towards bringing transparency into the real estate market and provide the sector much needed fillip.
As regards project wise 70% deposit, a better option would have been cost of construction plus 10% in escrow account, as cost of construction differs state wise. This would help in recovery of debt cost as well as holding cost and allow sufficient breathing space to developers. Clauses like all approvals before launch and abolition of pre-launch sale will boost sentiments across the realty sector.
Further, we appeal to the government to create an efficient fast-track approval system so that there may not be any unwanted delays so as to enable the developers to execute the projects on time.”