Builders urged to stick to timeline
He said that the realtors must stick to the agreement reached with the customers on construction of flats or other structures and added that the builders must follow the building plans without any deviations. He said the new regulatory authority was constituted to protect the interest of the buyers.
Vijayawada: Expert on construction industry M Durga Prasad opined the builders must stick to the timeline, while undertaking construction activities as Real Estate Regulatory Authority bill would be implemented within six months.
He said that the realtors must stick to the agreement reached with the customers on construction of flats or other structures and added that the builders must follow the building plans without any deviations. He said the new regulatory authority was constituted to protect the interest of the buyers.
Advocate Durga Prasad addressed the awareness meet on regulatory bill conducted by Confederation of Real Estate Developers Association of India (CREDAI) here on Saturday. He explained the new rules to be followed by the builders and cautioned that action would be taken against the defaulters.
CREDAI president A Siva Reddy said that multi-national construction companies would invest in construction with the changes taking place. He welcomed the new bill saying that it would protect the interest of the customers. He said local builders should get ready to face challenge from corporate giants. CREDAI former president C Sekhar Reddy explained the bank rules for sanction of loans.
CREDAI Vijayawada chapter president Ch Sudhkar presided over the awareness meeting. He stressed upon the need of conducting more awareness meeting on the new regulatory bill. The builders and engineers inquired about the new rules in bill to be implemented in six months.
