Regulatory body for real estate industry

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New Delhi, Oct 7: With unscrupulous practices reigning the lucrative real estate market, realty players have welcomed Government's decision to set up a regulatory body for the sector.

''With the increasing malpractices in the real estate market, it was imperative to regulate the realty market much earlier, '' said Ansal API Director Pranav Ansal.

He said such a body will make the realty market more competitive.

Sobha Developers Executive Director Jackbastian Nazareth said, ''the entire real estate industry, though it has been on high growth trajectory, is not organised in India. Having a regulatory body - a one-window authority - which understands the needs of the real estate industry, in terms of, infrastructure or pollution issues, is indeed good news for the industry.'' Mr Nazareth also stressed that this is the first step to make the industry more organised mode.

He added that getting the statistics -- the number of approvals being done, buildings that are coming up, units sold -- is a dire necessity today. And, this can be done only with the help of the government and the co-operation of the real estate companies.

Parsvnath Developers Chairman Pradeep Jain told UNI

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