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Quotes on WBHIRA Being Scrapped Off By Supreme Court

Nakul Himatsingka, MD, Ideal Group.jpg

News Desk, News Nation 360 : WBHIRA Being Scrapped Off By Supreme Court. Jitendra Khaitan, Managing Director, Pioneer Property Management Limited, Rishi Jain, Managing Director, Jain Group, Nakul Himatsingka, Managing Director, Ideal Group and Arya Sumant, Managing Director, Eden Realty had shared their quotes on this matter. Jitendra Khaitan, Managing Director, Pioneer Property Management Limited said that scraping off WBHIRA by Supreme Court will have a positive impact in long term. He feels they as real estate consultants should also have single registration for doing Pan-India business. Financial institutions have limited exposure because WBHIRA is applicable in West Bengal. The Central Government Supported Fund ‘SWAMIH’ is not taking over any stressed or NPA projects in West Bengal because they can only take over such projects where RERA is applicable and not under other regulatory authority such as WBHIRA. Rishi Jain, Managing Director, Jain Group said that it is a significant decision in terms of legal real estate practices. It is not going to make a huge difference. Both acts are virtually the same. Day to day all long-term impacts will be negligible on real estate. Nakul Himatsingka, Managing Director, Ideal Group said that HIRA and RERA were very similar laws with just small differences in wordings and adjustments to local conditions. They will currently comply and shall continue to comply with whichever law is in force. Arya Sumant, Managing

Rishi Jain_Managing Director_Jain Group.
Mr. Jitendra Khaitan, MD, Pioneer Proper

Director, Eden Realty, Will have to wait for clarification in this regard from the government. He believes the rules that were there were more or less the same and Supreme Court has said that older projects continue to have the same registration. So, he thinks this is just a matter of another notification and there shouldn’t be any impact on consumers or projects due to this judgement.

Pic : Courtesy

Report : Anustup Kundu