Government needs to plug loopholes in upcoming real estate bill :

The government must put a tab on the malpractices being followed by the builders and real estate developers in order to facilitate growth of this segment in India.

As the government is all set to introduce a real estate bill, it must take into consideration the possibility of plugging in all the loopholes in order to create a reliable real estate framework in India.

In their bid to enable a real estate bill that supports the overall ecosystem, a number of homeowners across the national capital region (NCR) have appealed to the government of India asking for solid and efficient ways to be taken in order to leave absolutely no space for exploitation of the common man by builders and developers.

As of now there are no such rules which can ensure that is there no exploitation of the common man while purchasing a property. And as a result, most of the times there are many real estate consumers who purchase property and are not delivered exactly what they were promised.

Quite often this kind of behavior also creates doubt and uncertainty in the eyes of potential buyers as well. This appeal from the home buyers came during a protest at the Jantar Mantar by the NCR Home Buyers Group, which is a federation of a number of associations of home buyers.

In order to pout a tab on the ongoing irregularities in the real estate market, there are many homeowners who are demanding that the planned bill create a foolproof system, now allowing any room for builders and developers, who are unable to deliver targets at within the proposed time period and also to make them more accountable on their promises.

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