Track2Realty Exclusive: Call it being overt critical on the realty business or my sense of introspection, I maintain that the biggest drawbacks in the sector is we are not sure what precisely we want from the government, nor is there any clarity as to how this will help the sector; whether our demands are feasible from ethical, financial or legislative point of view. For instance, when the sector cries hoarse for all federal and state regulations to ease for the real estate, it sounds as if demand is for robbing Peter (tax payers’ money) to pay Paul (realty) as a panacea to the revival of the economy.
Similarly, single-window-clearance is an oft-repeated demand for quite some time now without realising whether it can be implemented in a system like ours where centre-state relations come in the way of such a process driven timely clearance. Do we want the single-window-clearance to go the national counter terrorism centre (NCTC) way where centre proposes and state disposes? Won’t such a move, if taken at all, block the more rational regulatory and clearance mechanism for the future?
In the last few years I have came across the repeated rhetoric that single-window-clearance is what is going to redefine the destiny of the sector, and hence Indian economy. A parrot like one liner coming off and on from self appointed real estate bodies where different spokespersons speak in different languages on many issues, only trivialises the very credibility of industry bodies.
I can understand easing the processes from investment point of view where offshore money into the Indian market, as and when they are inclined to invest, is not deterred due to roadblocks in the name of regulatory checks and balances. But to expect all clearances for realty projects from a single counter is aiming too high, and hence directionless in my opinion.
I am not an expert on the Indian constitution, not do I have expertise over centre-state relations, but purely from a neutral perspective I do feel single-window-clearance sorting out all the problems of the sector is like saying that a single Janlokpal Bill will eradicate all the corruption from this country.
My simple take is that will single-window-clearance sort out the funding gap of the real estate? Isn’t it a fact that fund paucity is the primary reason for delaying the projects? Will a wishful legislation curb the flow of black money in to the sector? There are more questions than answers and the sector needs to be realistic in its expectations to be seen as a serious stake holder in policy framing and heard seriously.
