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News & Views on Indian Real Estate

Thursday, June 19, 2008

Deepak Parekh proposes real estate regulator

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.

manish said...

The government has proposed to bring the real estate industry, property dealers and builders under the scanner of a Real Estate Regulator through a Real Estate Management Bill that is likely to be brought into the Parliament in the next winter session. Concerned with increasing complaints against real estate agents, the Ministry of Urban Development is planning to create a statuary regulator for the real estate sector. A real estate commission will be set up to frame guidelines and a code of conduct for property dealers.

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