Comments of Mr Vineet Relia, Managing Director, SARE Homes on Real Estate (Regulation and Development) Bill

Mr Vineet Relia, Managing Director – SARE Homes:

“It is a welcome step and we appreciate the positive move taken by the Government. The proposed framework will not only protect consumer interests but also ensure fair practices and accountability on the part of industry players, thereby restoring the general public’s confidence in the real estate sector. Furthermore, the Bill will boost transparency and accountability in buying or investing transactions in housing projects and enhance the sector’s credibility, in turn enabling the sector to access capital from the financial markets for its long-term growth. Nevertheless, it would have been in the fitness of things if the sanctioning authorities had also been made a party to the provisions of the Regulator in order to ensure adherence to timelines on approvals and infrastructure issues.”