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Imagine a match without a referee. No rules are followed, Might becomes right. Fair play is abandoned. Star players are deliberately fouled. Pandemonium follows. This scenario is possible in any industry with regulations but no regulators.

Take the case of real estate India – a largely unorganized sector with a liberal sprinkling of small and big developers. While reputed developers have zipped through the learning curve to become professionally competent, many fly-by-night operators draw attention through their lack of transparency and inflated land bank claims. With no authority to put competitive market structures and regulatory frameworks in place, the situation could soon become a free-for-all.

Given the conditions, what the real estate India industry needs is an equivalent of cricket’s neutral umpire: An independent regulator with a clear mandate to ensure fair competition and protection of the interest of consumer, investor and the developer. This is necessary considering the real estate’s pivotal role in driving our economy by providing infrastructure, commercial, retail and housing facilities.

Courtesy: H.T. Business. Dtd: May 12, 2007

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