The Maharashtra Housing (Regulation and Development) Bill could do more for the real estate industry than what SEBI did for the stock markets. In India, the housing sector is humungous and the market very imperfect. Second, with huge disparity in the muscle power and financial clout of the two main stake holders — the builder and the buyer — coupled with the slow process of legal recourse, this Bill is a much welcome legislature.
However, the proof of its effectiveness and impact is in its implementation. The apprehensions would be on account of: 1. The readiness or preparedness of the legislature to legislate and hence the aftermath of the teething troubles, 2. The exclusion of other stakeholders like brokers, contractors, approving authorities, financers, etc who contribute to delays. 3. This act applies only to private developers; other government developers like MHADA, CIDCO etc are exempt. Read more
Source : www.dnaindia.com