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By Aditya Anand, Mumbai Mirror | Mar 11, 2016, 10.24 AM IST

Builders and estate brokers in Mumbai have questioned whetherthe Real Estate Bill, passed by the Rajya Sabha on Thursday, wasan effort to regulate the real estate sector, or strangulate thedevelopers.

The Bill, with an aim to make developers accountable, puts theonus of completing the projects on time entirely on the builders,and also proposes heavy penalties and even jail in case ofbuilders and real estate agents violating the Appellate Tribunalorders.

The Bill, if approved by the Lok Sabha, could change the realestate sector in this country on its head. It proposes a minimumof 70% collections from property buyers be deposited in aseparate escrow account to cover cost of construction and land.The Bill also says that statelevel Real Estate RegulatoryAuthorities (RERAs) will monitor transactions related to bothresidential and commercial projects, and ensure their timelycompletion and handover.

The developers, however, say that many a time, completion of a project is completely out of their hands due to delayin permissions, litigation, or even a delay on the part of the banks to release the funds.

Dharmesh Jain, president of the Maharashtra Chamber of Housing Industry (MCHI), said, "We maintain that anysuch regulatory authority should cover all aspects of the housing sector. While the developer is responsible for theproject, buyers, the civic body, and the financiers also play major roles. Only a holistic policy will ensure timelydelivery and high quality." Asked to define 'holistic policy', Jain replied, "One has to consider that developers coulddo very little if permissions are stuck with the government or the civic body. We feel that such issues should havebeen addressed in the Bill." Real estate agent Vivek Gupta from Cinnamon Realities said that a lot of his business isconducted on "faith".

He said, "We act as a bridge between the developer and the buyer. To penalise estate brokers for promises made bythe developer is unfair," he said.

The flat buyers, however, said that such regulation should have been in place a long time ago. A flat buyer in Juhu,Raju Manwani, who along with four others is fighting a legal battle against one of the prominent builders in the city,said that they have been waiting for the possession of their flats for more than 10 years now.

"We filed several complaints with the police and the BMC, and made several rounds of the civil and consumer

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"We filed several complaints with the police and the BMC, and made several rounds of the civil and consumer

courts," Manwani said, adding that they got a favourable order recently from the National Consumer Court in Delhi,

which asked the builder to hand over the flats or compensate the buyers as per the current market rates.

Real estate major HDIL also welcomed the development, saying the Bill will bring in "much-needed trans parency",

and also protect the buyers from fly-by-night operators.

Hariprakash Pandey, senior vicepresident (finance), HDIL, said, "It will make licensing of developers mandatory,

and it will help the buyers differentiate between serious players such as HDIL, and fly-by-night operators."

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