Real Estate Bill Seeks to Empower Consumers to be Aware of Their Rights & to Fight for Them ..!

Opinion on Real Estate Bill by Mr. Sunder, CEO, HomeShikari

The biggest problem plaguing the real estate industry is the lack of transparency. If the transparency norms were to be improved, then consumer confidence will zoom and India will also be seen as an attractive destination for real estate investments.

From that angle, the RERB is a welcome step in the right direction. On the real estate global transparency index for 2012 (JLL), India ranked way below other fast growing economies like China, Brazil and Russia and of course the developed markets like US and Western Europe. This has to change if we want the Indian real estate market to grow into a mature market.

Sunder, CEO, HomeShikari

The apprehension from the builder / developer industry is that the bill and the regulatory framework will be misused and will only lead to more bureaucracy and delays in project approvals. While these fears are not unfounded, the system will sort itself in due time and we will have a better and transparent market in due course. Am sure, there is always a fair amount of resistance with every regulatory framework which has ever come into place. So the government has to put in place a speedy and transparent mechanism for these regulatory approvals, so that the industry does not get affected adversely.

The biggest gain is obviously for the consumer. The bill seeks to empower consumers to be aware of their rights and to fight for them. Any move towards better empowerment of consumers will lead to a huge gain for builders and the industry at large, in the long run.

You can only grow the market by adopting consumer friendly practices, not otherwise. In fact, at HomeShikari we have been advocating greater transparency on a voluntary basis from builders right from the beginning.

Why can not transparency be your biggest differentiator for consumers to buy your product? Or rather, anyone who is not transparent has no place in the new marketplace.

 

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