Credai urges MPs to consider real estate reforms

Dec 10 2012, 20:55 IST
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Real estate reforms. (Agencies) Real estate reforms. (Agencies)
SummaryReforms should be aimed at boosting growth in the real estate sector.

Real estate developers' association, Credai today urged lawmakers to consider reforms in the real estate sector to boost growth.

In a letter to MPs, Confederation of Real Estate Developers' Association of India (CREDAI) national president Lalit Kumar Jain said: "Though the government is moving in right direction with bold reforms agenda, much more can be achieved without any controversy or incurring additional cost just by focusing on the housing sector."

He has also mentioned a 10-point action plan drawn up by Credai to rejuvenate the sector.

"This action plan will help the economy to grow at much faster rate since realty contributes to the growth of over 200 other industries. Real estate is highly capital and labour intensive which makes it the largest employer after agriculture," Jain said.

The association added that there are some shortcomings in the proposed Land Acquisition and Real Estate Regulatory Bills which are likely to be moved in the ongoing session of Parliament.

"The bills appears to be one-sided as they seek to punish errant developers while ignoring defaulting buyers and corrupt officials.

(While provisions) in the Land Acquisition Bill may make housing costlier," the letter said.

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