Vikas Rikhye

Vikas Rikhye, Real Estate Blogger

Multifold boom in real estate has excelled in the investment segment, leaving behind many other investment options. To avail business opportunity many of the new players have emerged in the market as Real estate developers, while the new entrants have some of the professionally managed companies, at the same time some of the “fly by night operators” are in the fray as well, moreover it has becomes a task for a investor to identify the genuine developer.

As it appears from news papers and internet, there have been several instances where the investors have been duped of their investment and had been victim of betrayal of faith and cheating. Such investors included some of the NRIs as well.

Under the circumstances it calls for the immediate need of a “Real estate regulatory authority”. Since the real estate investment has become a subject of a common man, whose life time earnings get on stake, therefore, the Real estate regulatory authority should evolve procedures supported by law, to ensure the safety of a common man. To monitor the conduct and behavior of real estate companies, promoters and realtors the Real estate regulatory authority, should set norms to ensure transparency in deals and new projects.

All the real estate projects should have mandatory clearance from the Real estate regulatory authority after its careful scrutiny from all angles of feasibility and successful implementation. The Real estate regulatory authority must satisfy itself regarding the credibility of the promoter as well as the availability of resources with the promoter to deliver the project in a time bound schedule.

In the said authority, enough of administrative and judicial powers should be vested, so that the authority may take appropriate decision against the developer who violates the prescribed norms. It should also exercise control over the advertisements of the projects to carry true picture of total transparency for the end user.

The Real estate regulatory authority, should also administer a Grievance cell to take appropriate action on genuine complaints against defaulter developers. All other measures to be deigned to protect the interest of the investor.

The effective working of Real estate regulatory authority would automatically generate the trust and confidence amongst the end users giving a healthier look to real estate scenario.