Track2Realty: Today there is no entry barrier in the sector for any fly-by-night operator with black money to back his initial pomp and show to lure customers. But for a serious start-up there are many perils that plague. Problem is all the voices are being raised to ease only a section of the developers with often myopic vision with regard to the future of the sector.
There is hardly any consensus within the sector over the macro issues, forget market-specific micro issues, and because of the lack of clarity it is going through a mercurial phase, be it on the financial part, construction, inadequacies on land policy or labour.
Without proper regularization of norms, black money is the driving force of this business. Why are stakeholders in the sector silent over larger issues like RBI norms with regard to both institutional and retail funding being so tight? Similarly, land policy with regard to development, acquisition, measurement or record management is different across the country.
The absence of policy clarity is only benefitting the vested interests who with their ulterior motive will always find enough people to stage protest about anything and everything under the sun. In such a scenario even if you had a single-window-clearance policy, it would get confined as nothing more than a definition in Wikipedia
Then from a legislative standpoint, land is a state subject where even if you have any bill or policy at the centre, constitutionally land remains as absolute state subject. Land usage and policy is very local to the area hence having a national policy does not make sense.
Moreover, to even start working towards a common policy requires a great deal of effort in terms of cooperation between centre and state which in these times is seemingly impossible given the recent history on FDI in retail, insurance, aviation etc. With growing powers of regional parties and their say in the centre coming to a national consensus is next to impossible.
At a local level politicians have played with the psyche of people and it so often appears to be history repeating itself. A prime example is Noida Extension where the developers have been seen as exploiters. Similarly, across the country in many areas Indian companies and MNC are seen as similar evils.
The fact of the matter is that whenever government has give land to enterprise to develop industries, growth has happened, no doubt, but it has not benefitted the local dwellers as it has resulted in an influx of migration of people to work in the area. It is seen in the Indian context by the native people as dilution of their socio-cultural ethos and hence has led to public protest, naxalism and tribal revolts.
