HDFC chairman Mr. Deepak Parekh has advocated the need for a real estate regulator in an attempt to protect the interest of property buyers in the country. The real estate sector has been growing rapidly and is a sensitive sector given its strong inter-linkages to other industries in the Economy. Mr. Parekh feels that developers rarely offer any warranty for the flats and in case of disputes, consumers have only the consumer or civil courts as recourse - both of which may take ages before a case can even come for hearing. Delays in handing possession of the property to a purchaser have become the order of the day. Needless to say, the developer community is free from any liability in case of any delay. Parekh conveyed that the subprime crisis has also brought to light the fact that there is no substitute for cautious and prudent lending. The basic tenets of home financing are simple - lending must be done according to earning capacity, which is on a cash flow basis and not on asset values.