By: Harmit Chawla, Managing Director, HCorp Realty
Track2Realty Exclusive: These are the logical road to reforms and cutting time on approvals. Such a move will go well with the government and thus reinforce the confidence of the buyers also.
I think industry should welcome any move which facilitates ensuring greater transparency and regulation of the sector. Credibility and adherence to delivery promises could play a significant role in improving investor confidence which would increase investment in the sector leading to positive growth.
Unfortunate reality, however, is that we want the government to change policy & perception for the sector while allowing the sector to remain unchanged and unprofessional.
I am not sure what happened with the clarion call of “Mission Transparency” in the sector. And how many of our developer friends have actually signed the “Code of Conduct” even though that is within mere self regulatory framework without any legislative teeth.
What is the need of the hour is that instead of asking the government for transparency in the approval processes, we should ourselves be transparent in the way we operate.
Let us create an eco system conducive for smart cities ourselves and trust me; it will go down so well with the collective consciousness of the buyers that eventually they will become our voice. That kind of track-II diplomacy and policy advocacy is needed in the realty sector to bring the government on board with the sector. Till that kind of paradigm shift takes place, it is not easy to force all government bodies to form a consensus for the benefit of the sector, forget about getting any industry status.
The big question today is whether we do have kind of atmosphere of political consensus in India where all concerned bodies make a concerted effort. Are the Chief Ministers and Urban Development Ministers willing to let go full and absolute control of powerful and cash rich portfolio and empower every stake holder to decide on real estate in the area? I wish it would happen like that. But then I don’t carry any such fantasy of single-window-clearance in near future.
I feel the sector has to be realistic with its causes and concerns and then only any policy advocacy will work in the overall regulatory mechanism. Till then, I am afraid, the sector’s self-appointed spokespersons will keep sulking and, unfortunately, home buyers will have more reasons to sulk after paying their hard earned money in quest of a sweet home.
