8216;Draft Realty Bill will lead to harassment8217;

While builders' body decried it,govt said it will help the 'aam aadmi'.

Terming the draft real estate Bill to regulate the sector as a 8216;Public Amusement and Developer Harassment Bill8217;,realtors today said government must come up with a comprehensive and efficient alternative.

The government,however,said the proposed law is focused on 8216;Aam admi8217; without targetting the builders.

8220;The Bill in the current form is nothing but 8216;Public Amusement and Developers Harassment Bill8217;,8221; Confederation of Real Estate Developers8217; Association of India CREDAI President Lalit Jain said at a real estate conclave here.

Earlier this month,the Ministry of Housing and Urban Poverty Alleviation had put the draft Real Estate Regulation and Development Bill,2011,in public domain for comments.

Expressing similar views,CREDAI Chairman Pradeep Jain,who is also the Chairman of Parsvnath Developers said the Bill in its present form is 8220;derogatory and draconian and will encourage corruption,blackmailing and increase cost of projects8221;.

Reacting to the complaints of the builders,Housing and Urban Poverty Alleviation Minister Kumari Selja said: 8220;I would like to assuage the industry that government is not targeting it. I assure you,the Act will be a balanced on,taking into consideration of developers8217; interests.8221;

The government is aware of the concerns and objections by the industry regarding the draft Bill and these will be addressed.

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8220;Government is responsive to all the stakeholders of real estate industry,but we have a focus on 8216;Aam Aadmi8217;,8221; Selja said.

Calling for a regulatory Bill,which is comprehensive and efficient,Lalit Jain said: 8220;We need it to prevent fly-by-night operators to come into the business. We need it to protect customers. We do not want licence Raj and allow us to do business without pressure.8221;

Questioning if the policy makers are really serious about providing affordable housing,he said: 8220;If yes,then instead of freeing us from clutches of red tapism,why are they further tightening noose with regulatory bill?8221;

The draft bill will not only kill enthusiasm of real estate developers but will also prevent creative and visionary people from coming in to this business,he added. Pradeep Jain further said although the sector is contributing about 10 per cent of the country8217;s GDP,the government is not supporting it and banks are also not funding the projects.

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Pointing out the sections of the Bill that the industry opposes,he said: 8220;Licensing of each project means an office will give permit to commence business. This is our biggest point of contention. This means another window of corruption or control of business by politicians.8221;

This Bill is only to please 8220;blackmailers8221; Pradeep Jain said.

8220;We are opposed to such one track,derogatory Bill. I am sure wisdom will prevail8230;I am confident that with time we will overcome this draconian arrangement and pave a way for better transparency,8221; Jain said.

CREDAI had earlier said the proposal to make registration of projects mandatory under this Bill before starting development work could become 8220;breeding ground of corruption8221;.