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Property Matters Advocate on Recurring Problems in the Realt

Property Matters Advocate - As Mr. Kislay Pandey, property matters advocate, the Supreme Court of India explained that we required a governing body to control the activities of real estate players. Besides, customers/investors must also inquire in advance before finalising a deal.

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Property Matters Advocate on Recurring Problems in the Realt

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  1. Property Matters Advocate on Recurring Problems in the Realty Sector

  2. As Mr. KislayPandey, property matters advocate, the Supreme Court of India explained that we required a governing body to control the activities of real estate players. Besides, customers/investors must also inquire in advance before finalising a deal. • Government has changed, market is improving and investors are willing to make money from the sector which turned the fortune of many in the past, mean real estate. The sector which was the key contributor in heydays of the economy is changed gradually and that is why lots of people who become the victim of changes or more realistically the hidden practices of these shrewd realtors are apprehensive to invest their hard earned money. Things that worry them quite often are hidden charges, delivery delays and rise in prices amidst the project. According to Mr. KislayPandey, property matters advocate, the Supreme Court of India, " A considerable percentage of builders comes under unfair and unethical practices. Sometimes they break their promises.

  3. It is observed in the past that many companies which were investing lavishly on marketing and advertising stopped their operations overnight and vanished from the market. This situation lead to frustration of investors/ customers and its negative outcome can be noticed throughout the market. According to Mr. KislayPandey, property matters advocate, the Supreme Court of India, " Regulationof Development Act is not the solution of all problems. Many in real estate business are governed by a set of regulations that create the actual problem and give birth to frauds and crimes in the real estate sector. • That is why, Deepak Parekh, chairman of HDFC, India's largest housing finance company, said," It is absolutely essential to have a real estate regulator. The absence of a regulator is the root cause of corruption, anxiety and malpractice". Similarly, Mr. KislayPandey, property matters advocate, the Supreme Court of India," Like SEBI in the stock market, there is a need of an autonomous body to review and regulate the market. This way both investors and end users proceed to the governing body and express their grievances".

  4. After commissioning of such regulatory body for the Indian real estate market, it will be the responsibility of this governing body to give a green signal to a project after evaluating all the documents of the real estate company and documents of the land where the project has got approval. Many builders are cheating innocent customers and investors by selling a project without getting an approval. In addition, the approval system for builders should be quick, simple and transparent. India has federal structure and it is obvious that needs and objectives of both the government may vary. The significant step in this regard will be introduction of property laws in the concurrent list. ****

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