Stock Market

Licensing must go, else real estate will be an over-regulated sector: DLF

Apr 12, 2017 12:15 PM IST | Source: CNBC-TV18

“Any regulation in any sector is well intentioned. With all due respect, any regulation is better than no regulation but subsequently licensing needs to go otherwise it would be an over-regulated sector”, Rajeev Talwar, Group ED, DLF told CNBC-TV18.

Real Estate Regulatory Authority (RERA) act is expected to be implemented in Maharashtra by May 1, 2017. Rajeev Talwar, Group ED, DLF spoke about how much could the organised players in the space stand to benefit by this act.

He said the industry has taken up RERA very positively.

“Any regulation in any sector is well intentioned. With all due respect, any regulation is better than no regulation but subsequently licensing needs to go otherwise it would be an over-regulated sector”, he further added.

Below is the verbatim transcript of Rajeev Talwar’s interview to Latha Venkatesh, Sonia Shenoy and Guest Editor Adrian Mowat on CNBC-TV18.

Sonia: I just wanted to open the discussion by asking you what your view is on RERA once it get implemented post the May 1st? There will be a lot of transparency in execution etc. but there are some onerous announcements, clauses that have come in on the back of RERA, so tell us what is your view on how the industry could take it as a whole?

A: I think the industry has taken up as a very positive measure. Any regulation in any sector is probably well intentioned. But we were of course quite keen that instead of having such an onerous regulation, so many clauses including imprisonment I think a simple one line order if the government had given that you cannot sell any residential apartment in view of our past experienced of our decade without completing it first or at least completing the structure, I think that would have taken care of it. But with all due humility and respect, any regulation is better than no regulation, but subsequently licensing needs to go, otherwise it would be an over regulated sector.

More to come…