The new Indian Real Estate Regulatory Bill is expected to revolutionise India’s construction market to the benefit of property buyers and investors, according to a report by Liases Foras. The Big 5 Construct India 2016, the leading B2B trade show for the building and construction community, will investigate and foster these soaring business opportunities as $1 trillion investment is projected by the end of 2017 in India. Showcasing innovative international and local construction products, the event will increase its free educational offer through dozens of workshops, seminars and conferences. Taking place from 28-30 September 2016 at the Bombay Exhibition Centre, Goregaon, in Mumbai, the fourth edition of The Big 5 Construct India is designed to meet the needs of building and construction professionals, hosting more than 300 brands from more than 15 countries across 10,500 sqm of space.
Ashley Roberts, Event Director – The Big 5 Construct India said: “In 2016, the show will be bigger than ever, with a much broader offer. We are organising a series of educational events, including a FICCI conference and more than 20 CPD certified technical workshops.
“Whether you are looking for new market trends and innovations, sustainable building solutions, or to grow your business networking with exhibitors from Turkey, Italy, UK, UAE, China, Korea, Germany, India, just to name a few, the show is an unmissable opportunity to take advantage of one of the world’s fastest growing construction markets.”
Indeed, the Indian economy has opened up to the world and foreign funds are set to roll in. The new Indian Real Estate Regulatory Bill is set to discipline a construction industry valued at over $126bn, through three major principles: transparency, accountability and efficiency. As outlined in the report “Real Estate Regulatory bill – Half Bridge of Hope”, commissioned by The Big 5 Construct India, the bill establishes the Real Estate Regulatory Authority for each state as the government body for both residential and commercial real estate transactions. The same authority will be approached for reparation of grievances against a developer.
According to the bill, the developer has to park 70% of the project funds in a dedicated bank account to ensure adequate funding is available for timely delivery of the project. It is now mandatory for developers to make important information available to RERA and in effect to the consumers. This includes the project plan, layout, government approvals, land title status, sub-contractors to the project and a schedule for completion.
The new law makes the practice of selling on the basis of vague built-up area for a real estate project illegal. Also, it marks a provision for imprisonment of builders and real estate agents in case of violation of rules. A delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank. And the maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
The Big 5 Construct India is jointly organised by dmg events and FICCI and co-organised by Ministry of Urban Development, Government of India, and follows a format common to all The Big 5 events held globally. Bringing under one roof exhibitors from over 15 countries, key buyers from Delhi, Gujarat, Maharashtra, Karnataka, Andhra Pradesh and Tamil Nadu, The Big 5 Construct India 2016 will also offer free technical seminars to stay up-to-date with the latest industry advancements, and certified workshops to improve industry credentials. To know more about the event, please visit www.thebig5constructindia.com.