Track2Realty Exclusive: Reforms as the very philosophy of a sector demands that all stake holders agree to function in a transparent manner. With the growth of real estate over the last decade, while it is heartening to note that both the developers and the government have realised the importance of transparency in the sector, there are still challenges galore.
The philosophy of either side may be the same-to ensure that the end consumer gets the best deal in property; yet both the developers and the government have a different perspective when it comes to the holistic growth of the sector.
Nevertheless, our policy advocacy is on the right track and on occasions more than one we have been able to convince the government for smooth facilitation, even though points of disagreement has always been there. On our part, we are changing for the better and have introduced a slew of measures to bring in transparency and accountability to the overall functioning of the sector in India.
We believe the benefits of a transparent system are widespread; a transparent real estate sector is beneficial to everybody concerned, be it the government, the developer community and the consumers at large.
Transparency is the key to improve efficiencies in the system, and benefits developers and buyers alike. Developers need to avoid misrepresentation and indulging in unfair trade practices, while government should be unbiased and participative.
Transparency in real estate transactions, especially on the part of developers, allows home buyers to understand the pros and cons of a specific project and make well-informed investment decisions.
This, in turn, facilitates an increase in FDI, which is a powerful incentive for encouraging the free flow of information with the fair and consistent application of local property laws. Transparency assumes much higher significance in the current context wherein our country is the focus of attention for investments from across the globe.
However, although every other environment for inflow of investment is mature and attractive in our country, one major stumbling block is the lack of transparency and high level of corruption.
It is in this background that CREDAI has embarked upon the theme ‘Mission Transparency’ with the sole objective of bringing in clarity and speed in systems and processes of plan sanctions which has the potential to drastically reduce, if not eradicate, corruption in our country.
