In India there is no qualified consumer movement supported by thorough research conducted by voluntary research organisations to recommend the avenues for investment in property. The
The present enhancement in realty prices throughout India has given a new outlook to the investment in realty. The resources in real estate have slided from need oriented to profit based. Last five years advancements have brought 300% to 400% returns in finance in realty sector.
The legal system in India is so over hindered and costly that the investors are considering surrendering their money as a good option than to knock the law doors which is benefitting the estate agents.
The enforcement of Consumer Protection Act 1986 acted as the turning point in the Indian history. The common educated man is enlightened now but what is the immediate need is the a Ralph Nadar who makes the mass awareness.
A step forward was initiated by the voluntary organisation, Common Cause, headed by of HD Shourie towards promoting an organisation to infuse discipline among various participants of the industry.
1) This organisation demanded a National Real Estate Development Council, which aims at administrating various actions related to realty.
2) Another method included allocation of ratings to builders.
The activities of guiding these authorities should cover all sectors concerning real estate development. There should be similar authorities in all big cities enforced by Central Government. The concerned delegation should maintain the records for the past projects including purchases and deposits of individuals.
With the proposal of any new project there should be strict instructions to get the details registered with the related authority for the property developers. All transactions related to finance should be governed by authority to avoid misuse of investor’s values by developers.
There should be regular inspection by the authority by visiting sites to supervise the construction schedule given by builders. The authority should also have the power to increase the deadline of the project completion.
If in case any builder fails to complete the project within the predetermined period even after the extension of the deadline, then the project should be given to a new builder in the same condition as it is keeping in mind that the investors should not suffer. Such builders should be discarded and should be charged a heavy penalty.