While we welcome the real estate bill cleared by the Union Cabinet, certain provisions that the sector had asked for amendment remains unattended. We would have preferred escrow limit to be fixed on city basis (metro/tier II) or project basis (luxury/affordable); instead of a blanket 50%. Also, bringing ongoing projects under its ambit at this moment would further delay delivery of a vast number of projects (at various stages of construction) in the country.
We also believe developers should be allowed to change design and structure post approval of 50% of consumers since a lot of difficulty arise when a developer begins construction. Lastly, and most importantly, the bill doesn’t fix accountable equally on all stakeholders. While builders face the brunt for project delay; accountability has not been fixed for delays due to regulatory approvals and customers default on payments etc.
- Mr. Mohit Goel, CEO, Omaxe Ltd.
Omaxe CEO Mohit Goel on CNBC Awaaz
Omaxe CEO Mohit Goel discusses impact of NGT Ban, Real Estate Bill etc.
Omaxe CEO Mohit Goel on Zee Business discussing Real Estate Bill
Omaxe CEO Mohit Goel discusses in detail the Budget proposals and what it entails
for the real estate sector on CNBC Awaaz.
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