It is absolutely essential that the government reviews the real estate business in the country. It is an area that needs utmost attention due to various factors. The builders maintain a very poor quality despite knowing that people have to live in there and any compromise on quality would lead to tragedy/untold miseries. While there is no control over pricing (pricing is done as if there is no one to control such things in India), the builders also indulge in illegal construction (like the Campa Cola society in Mumbai) Considering real purpose of residential needs, in the first instance, investment in residential property must be stopped in India. No individual (individual household) shall invest money in residential property just for the sake of buying and selling or business purpose. A residence is for living and not for business and that should be the definition. An individual may be allowed to own a Permanent Residence in India as per his choice of location. In case he has to move out and settle down at a location other than the location where he has Permanent Residence due to employment, etc., he can own a temporary residence there as well. That must be the maximum limit for owning residential property in India. If he has to again move from the temporary location to another location (except Permanent Location), then he can own another house at the new location only after disposing off the previous temporary house. Such steps would bring down the artificial/bl
Re: Real Estate Business
by SURESH KUMAR C V on Jul 21, 2014 11:36 AM
Such steps would bring down the artificial/blown up demands (due to same person acquiring more than one house) which will consequently bring down the highly unaffordable prices and houses would become affordable. So, the Central Govt. may consider enactment to place a Real Estate Regulator in India. The regulator must keep watch on all real estate transactions in India. The builders give false promise of premium/ultra premium quality but when the customer actually takes over the house, most of the times he finds let down with respect to quality v/s payment made. So, an independent Regulator is must to protect the interest of consumers and also the government may consider banning investment in residential property for the above reasons.
In a country like India, where 125 plus crore population is desperate to find a roof of their own, these money minded hawks are glorifying realty as a business, what a desperate attempt to salvage this arthpishach sector called realty.
