Draft Real Estate Regulation Bill to Bring in Transparency

The bill proposes to strike a balance between encouraging regulated growth and development as well bringing in more accountability in the sector

              In a move that will depress the top line of several leading real estate companies, an upcoming accounting change aims to reduce the discretion available to them on how to compute revenues. The accounting regulator is working on a ‘guidance note’ that will, for the first time, define when and how developers should recognise revenues from a project, say two senior officials of the Institute of Chartered Accountants of India (ICAI) working on the note, on the condition of anonymity. The new rules will be a blow to companies that adopt an aggressive tack in recognising revenues, including frontline ones like DLF and Parsvnath Developers. In the case of DLF, for example, the proposed change would have placed in question 75% of the revenues declared by India’s largest developer in 2010-11. For Parsvnath, that figure would be 79%.
              Builders will have to register themselves before launching housing projects, stick to the approved plans and refund money to homebuyers in case they default, after the government brings in a new law aimed at bringing in more accountability and transparency in land and home transactions.

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