Regulatory body for real estate industry
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