The apex body of developers the Confederation of Real Estate Developers Associations of India (Credai) has called the proposed RERA (Real Estate Regulatory Act), retrograde and said sweeping powers sought to be vested with the will only increase corruption by manifold, instead of checking social malady.
Credai President Lalit Kumar Jain said in a statement that the draconian provisions (of the bill) are against consumer interest and are reminiscent of the British Raj.

"We welcome the Union government's noble intention to assist consumers in real estate industry, but the realty regulator bill in its present shape and form doesn't solve the problem; rather it proves to be inflationary and breeding ground for corruption," Jain said.

He said that RERA seeks to grant registrations manually and even empowers the regulator to reject registration. It also gives discriminatory powers to the authority to cancel registrations.

Jain has expressed concerned and said the regulatory provisions will create fearpsychosis. As a result, it will discourage the younger generation of entrepreneurs from entering the business.

"Credai wants a true regulator which will govern all stakeholders and can have powers to ensure that no delays occur due to other stakeholders, like planning authorities," he said.
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  • Credai is not strong and it looks like the one which protects the builders
  • Originally Posted by krishna99
    Credai is not strong and it looks like the one which protects the builders

    CREDAI is afraid of the strong regulator.These people want a weak bill so that they can continue with malpractices.
  • I will be very happy if such bills comes into place. Credai opposes it as regulator will then end the open loot by the builders. Hope this RE bills comes ASAP. :)
  • If one looks at the list of builders represented in credai it becomes clear as to the intent of their association
    Its protection of the looters