State of Real Estate in India

First of all, one should bear in mind that like the popular objection to the Lokpal, even here there are laws already in vogue which if implemented properly can curtail real estate companies' illegal moves. However, there is no will to implement the laws and even if implemented, the prolonged judicial process puts additional burden on the buyers and hence, nobody bothers to even file a complaint. 
So the remedy is not new laws but proper implementation and the guarantee of punishment, which we never see in India. So, nobody is going to even file a complaint and fall prey to the real estate mafia's harassment.
Real estate in India

Changes in Real Estate in India


We can hope that the new law will arouse the consciousness of the public and they will be more alert not to fall prey to the false promises of the real estate developers and promoters.
There shouldn't be an advantage to the real estate agent, or to the buyer. Buying a house, shouldn't be an advantage to any person, and by house, I mean dwelling. I feel, that if Mumbai is a commercial city, then dwellings should be not where it leads to a traffic problem. Because great densities of people work in places, and these areas are interspersed with living areas occupying residences, the city seems very difficult to navigate during any hectic period. 

Any advantage to the buyer, or seller, leads to a disadvantage later. This is corrected by a legislation, perhaps which looks at what might be an issue later, after the current issue ceases. And, in this situation, either the buyer of the seller has an advantage, still.
The unreal state of affairs of Real estate has to be checked in the interest of buyers. The Real Estate Bill by the government is a right step towards ensuring transparency and accountability. Making UID numbers mandatory for all deals will aid in checking shoddy practices of realtors and flow of money. Let's hope that bill will see the light soon.
The builders/contractors have long been allowed to get away with criminal misconduct in comparison to other sectors. 

This legislation must cover all the structures built for housing/commercial activities. There should be no escape clause. Even structures built in villages and of small size. The provision of the strict implementation of the development norms and control outlined in the Master Plan and other such statutory documents must be adhered to. The development should ensure equity in the society and the role of the government is to ensure that such provisions are duly translated into ground realities.

By Shashikant Nishant Sharma
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About Editor SNSharma

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