The real estate sector in Mumbai deserves special mention in the Indian scenario always owing to its intrinsic strength and zeal to attain the pinnacle of success. It is basically a demand-motivated market; where the property is bought for current use and not with the aim to speculate and sell it in future. For all these reasons the market has been to able to brave the dreaded brunt of downturn worldwide especially its effect on the real estate sector and stand erect.
Nevertheless, corrupt practices are part of the same trade and in the recent past, news of several irregularities came to the fore. Even though this is undesirable, it is a reality and continues to perturb governance, traders, investors and certainly the clientele. But no more. Reason? The state government of Maharashtra is on the verge of introducing measures to regulate the housing sector and this will be done by formulating a regulatory body on the lines of SEBI and TRAI. It is expected to take shape after the Assembly elections.
Speaking on this Sitaram Kunte, Principal Secretary, Housing Department, at the Golden Maharashtra-Infrastructure Summit, stated, “The regulatory body will bring in transparency between the builders and buyers; it would have powers to settle disputes. The code of conduct would be in place soon so we expect any movement on the body after the next Assembly elections.”
As per him, the regulatory body would be on the lines of SEBI and Telecom Regulatory Authority of India. “As SEBI has regulated the stock markets there is a need to regulate the housing sector. The authority would have independent experts from the real estate sector,” Kunte said.
Nonetheless, the proposed body has already started drawing criticism from builders. “A regulatory body cannot be accepted. Instead the government should rework to protect the interest of the customers,” said Sunil Mantri, Managing Director Mantri Group, during a speech at the summit.
It seems that there shall be a tough fight between contending groups.
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