Is revised realty bill going to have some effect in Bhubaneswar real estate market?

Suresh,

5th May 2015

Real estate News in Bhubaneswar

real estate regulatory bill

bhubaneswar real estate news

odisha real estate market

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Replies (2)

Hi Suresh,

As per Pradipta Kumar Biswasroy, president of Real Estate Developers' Association of Odisha, "Area cost has gotten to be high even in level II and level III cities. So, if a developer deposits 70 per cent in the designated record, one will be left with no leeway to operate. It would mean virtual shutting down of shops by numerous players.

Bulbul Verma,

5th May 2015

Comment

@ Suresh,
As per sources, the Congress and other opposition parties have contended that the weakening by bringing down of funds would influence culmination of projects and conflict with buyers' interest. "A reasonable suggestion is in the interest of both developers and buyers. We trust the new bill will drive development," Biswasroy said.

Veena K,

6th May 2015

@ Mr Suresh,
As per my insight, the UPA bill characterized rug territory as the net useable range minus the walls, which the NDA government's bill has excluded. The new bill also gives developers the flexibility to complete minor changes from the sanctioned arrangement without characterizing the kind of changes. "These changes won't influence the customers' interest in any capacity. It will just issue some space for developers to complete their work.

Ananya,

7th May 2015

Hi Guys,
The UPA bill was excessively unbending about finishing due date of projects. "Aside from developers' blame, a project may get postponed because of hauling out of financers (banks), postpone in giving various clearances by the government authorities and unavoidable developments such as common calamities. The new bill should consider these.

Bulbul Verma,

8th May 2015

Umesh Patnaik, president of Association for Odisha Real-estate Developers (AFORD), said move should be made against a developer when he determinedly defaults on his promise to customers. "The prior bill presumed developers blameworthy for any postponement or deviation," .

Varun,

9th May 2015

Hi Suresh,
According to latest news, congress VP Rahul Gandhi may have tossed his strength against the Modi government's land bill, however developers in the city feel certain key changes proposed by the new dispensation were critically required for the survival of the land sector.

Kalki K,

5th May 2015

Comment

@ Suresh,
A significant change that has cheered the developers is a proposed weakening of compulsory funds to be kept in a special record for any housing project. The NDA government suggests that developers need to keep 50 per cent of development got by them from buyers in the special record implied for the specific project. As per the UPA's draft charge, the developers would need to set aside 70 per cent of funds in such accounts.

Sujan Mitra,

5th May 2015