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Real estate guru Tarun Shienh hails Bill

One of the world's top real estate experts and Premia Projects CMD Tarun Shienh has said that the proposed bill  to regulate the real estate business will help both industry professionals and consumers.

'The government has been proposing to introduce a law to regulate the real estate business. The bill intends to cover the construction development sector, including townships, housing and built-up infrastructure,' he stated.

'As far as the regulation of development act is concerned, the consumer will  definitely benefit. I think it is a positive step by the government for industry professionals as well as consumers,' Shienh added.

'Undoubtedly, the real estate sector is one of the largest and most unorganised sectors in India and this bill has all provisions to regulate the industry, especially where the consumer is concerned, he opined.

'As we know that market is expected to grow further in the coming years as is the need for affordable housing. The promoter, who usually wears all the above hats, starts off with a promise of delivery within a few months and provides a payment plan linked to completion involving huge installments which are demanded even if the progress of the project is delayed due to  recessionary trends  or any other extraneous reason, The customer is the one to suffer,' he pointed out.

Shienh further noted, 'When a customer from a middle class family plans a house, he has to manage many things while paying the installments for his dream house. But when the same project is delayed due to whatever reasons or the payment plans have some increase at the finishing stage as it usually happens, that effects a common man,'

'Sometimes he is forced to sell that property as the payment plan that he had worked on is no more the same. I feel that this bill will regulate such problems for end-investors and will also lead to an organised structure for the real estate industry in India, he said.

'So I really welcome this bill which would make consumers comfortable and generate transparency in the real estate industry. I would like to add here that after the passage of the Act, the industry will take time in terms of execution,' Shienh observed.

'This is because such changes never happen in a day and we should support it for the real growth of the real estate industry in India,' concluded the living legend of the international real estate sector.
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