By: Anshul Jain, CEO, DTZ India
Track2Realty Exclusive: A single window clearance cell, akin to the Security and Exchange Board of India (SEBI) for the securities market in India, should be established. A unified point of clearance such as this will minimize project delays by reducing the builder’s run around time in obtaining clearances.
In addition, the cell will safeguard consumer interests by enforcing building codes as well as guidelines for quality and timely delivery. If a developer fails to follow these standards, the cell will have the authority to take action against him.
Strong consumer courts specializing in real estate issues should be instituted to further protect the interests of the end consumer. These courts will provide quick legal recourse against developers who default on documented promises.
Developed countries such as the UK have followed such a simplified regulatory system for years. Coupled with built-in checks to keep construction projects on track, the system enables the real estate sector to operate like a well-oiled machine.
For us, here in India, the sector enjoys unbridled growth despite all the bumps in the road. As long as we don’t insist on heading down the path of more regulation, these bumps will eventually disappear as a more mature form of the real estate industry takes shape in the country.
