Industry is nevertheless clear that such apprehensions are just teething problems. Jaxay Shah, President, CREDAI maintains that even though most states have not been able to implement it immediately and are in the process of doing so, yet both consumers and developers need to look at it optimistically. There will be teething problems initially, but as the regulatory mechanism sets in place, we will see a smoother transition into the new administration.
The expectation of an overnight change is because the Act is a result of years of expectations on part of the buyers. The developers, on their part, are also changing their business strategy overnight to play it safe with the new regulatory regime.
News Point: The clause of jail term to erring homebuyers…
Bottom Line: Ahead of the deadline of 1st May 2017,…
A closer look suggests it is just the first step…
For the last four years everyone within the built environment of Indian real estate, homebuyers included, wanted a real estate regulator but the consensus eluded.