New Delhi: Industry chamber FICCI on Thursday said the draft Real Estate (Regulation & Development) Bill, 2011, does not provide equal treatment to all stakeholders and asked the government to make amendments for the benefit of builders.
    
"If a project gets delayed because of approval issues, then why penalise the developer? There should be an accountability on the part of machinery also and the regulator should consider this aspect," FICCI Real Estate Committee Co-Chair Pranay Vakil told reporters here.
    
Equal treatment should be meted out to other stakeholders in real estate projects, such as government agencies and authorities at the Centre, State and municipal levels, financing agencies and brokers, he added.
    
According to the draft bill, Vakil said a developer will not be allowed to collect any advance from the customer before he gets all approvals and this process may lead to inflow of black money into the sector.
    
"Therefore, pre-sales to institutional investors should be permitted as they follow strict due diligence process in comparison to general customers," Vakil said.
    
FICCI said the proposed bill does not address issues of commercial and other projects, and there is a need to have guidelines regarding various issues such as rentals, common area maintenance charges and car parking charges.     

"The Bill must remove criminal charges like imprisonment for the developer. It should be the last resort in any irregularities. Only financial penalties be imposed for offences of the developer," Vakil said.

Agencies