Body to regulate housing sector likely after Assembly polls

The state governments attempt to regulate the housing sector by formulating a regulatory body on the lines of SEBI and TRAI is likely to take shape after the Assembly elections.

The state government’s attempt to regulate the housing sector by formulating a regulatory body on the lines of SEBI and TRAI is likely to take shape after the Assembly elections.

“The regulatory body will bring in transparency between the builders and buyers; it would have powers to settle disputes. The code of conduct would be in place soon so we expect any movement on the body after the next Assembly elections,” said Sitaram Kunte,Principal Secretary,Housing Department,at the Golden Maharashtra-Infrastructure Summit. According to Kunte,the regulatory body would be on the lines of SEBI and Telecom Regulatory Authority of India. “As SEBI has regulated the stock markets there is a need to regulate the housing sector. The authority would have independent experts from the real estate sector,” Kunte said.

However,the proposed body has already started drawing criticism from builders. “A regulatory body cannot be accepted. Instead the government should rework to protect the interest of the customers,” said Sunil Mantri,Managing Director Mantri Group,during a speech at the summit.

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Meanwhile,Minister of State for Housing Pritam Kumar Shegaonkar,who was chairing the session on affordable housing,said,“Mumbai needs to go vertical if it has to solve the issue of housing.” He also shared the builders’ unhappiness with the ‘huge’ taxes on cement and other raw materials. “If the taxes are so high how will it be possible to build affordable housing? It would just remain a matter of discussion at summits. The government should think on the issue.”

Earlier,Ratnakar Gaikwad,Metropolitan Commissioner,presented the Mumbai Metropolitan Region Development Authority’s ongoing and on-the-anvil projects for the MMR ranging from rental housing,Metro rail,Monorail,Science and Technology Park,etc. “MMRDA is and will always be a facilitator for development in the MMR. For the projects an investment of nearly Rs 1 lakh crore is required,” he said during his presentation.

In another session on roads and bridges,J T Nashikkar,Joint MD,Maharashtra State Road Development Corporation chalked out the road ahead for the corporation and the government to finish a slew of projects. “We need to find newer sources of revenue for BOT projects. The risks in the BOT project should be shared by the third party,” Nashikkar said. He added that efforts need to be made to make toll more acceptable to motorists.

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Body to regulate housing sector likely after Assembly polls

The state governments attempt to regulate the housing sector by formulating a regulatory body on the lines of SEBI and TRAI is likely to take shape after the Assembly elections.

The state governments attempt to regulate the housing sector by formulating a regulatory body on the lines of SEBI and TRAI is likely to take shape after the Assembly elections.