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.
