regulator

We all know that in India, Real estate sector has been growing at a tremendous pace.As real estate caters to our increasing populations increasing housing needs,it has to be regulated well. Earlier, government was the sole allocator of land,plots,flats, shops,offices,commercial and industrial spaces in India. Naturally the private sector saw a lucrative market that had a high potential of multiple digit growth. As more and more entrants discovered their wealth in an Indian economy that was seeing a sharp rise in disposable incomes,a lot of dubious and fraudulent developers also creeped in to take advantage of the growing bubble.As the real estate prices escalated every month,project after project were launched by unscrupulous developers,advertising of great deals at naturally lesser price then some of the reputed names in the industry.Thereby sucking in crores of rupees from the unknowing customers.In NCR alone there have been at least a dozen reported cases of developers defaulting on their commitments,aggregating the total scam to thousands of crore's.
We all remember how many scams happened in the Indian stock markets till SEBI became a prudent regulator with handsome teeth.Similarly we have RBI to regulate Indian banking sector,IRDA for Indian Inssurance sector and TRAI for the telecom sector.Its high time that the new incumbent government takes note of the growing real estate sector and recognizes the importance and need of a prudent regulator,otherwise a lot of its citizen will get duped of their hard earned wealth by such fraudulent developers.In India still only a minuscule percentage of our population participates in the stock market,but housing is different,its one need that all citizens of our country need to fulfill.Housing also requires a considerable amount of capital unlike the stock market.So any or all real estate scams that are prevalent in these times is hurting people/customers a lot. Huge wealth erosion due such developers has made a lot of people seek legal aid,which as we all know is an exhaustive exercises. It could take years till any conclusion/relief can be sought by the customers who are unjustly suffering and this complex legal system will make them suffer and loose more(financially as well as emotionally).Hence a bigger and definate need for REGULATOR in real estate sector in India to curb the growing menance of fraudulent developers,making the system clean and transparent, and taking up redrrasal of malpractices by developers in an fast forward way.Hoping it would be taken up at the earliest by the government and such regulator will soon be leaching in developers in India.