Chennai: Proposed Real Estate Regulatory Bill should maintain "equilibrium" between the realtor and the public besides regulating the entire industry, industry body CREDAI said Wednesday.
"..From industry perspective it is important that the Bill maintains equilibrium between the developer's community and end users," Confederation of Real Estate Developers Association of India (CREDAI) National President C Shekar Reddy said in a statement.
However, he cautioned some provisions in the Bill were required to be modified otherwise it would result in "substantial increase" in the cost to buyers and shatter the dream of 'housing for all". "It will also impact the affordable housing initiative", he said.
To make the regulation effective, the Bill should regulate the entire real estate industry covering all its stake holders, he noted.
A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government recently.