Property developer Tata Housing today pitched for creation of a real estate regulator in the upcoming Union Budget to ensure fair play in the industry and protection of consumer interests.
It said the watchdog should be on the lines of those in banking, insurance and other industries.
"We want from the centre in the coming budget to set up a regulator exclusively for real estate segment as exists in banking, insurance and telecom sectors..
The main idea behind having a regulator is to protect the interest of customers and creation of level-playing field," said company’s MD and CEO Brotin Banerjee.
Banerjee added, "We have regulator for telecom, banks and stock market but we do not have any regulatory mechanism for real estate where customer makes big investments for housing needs."
Besides, the company also sought drafting of a Public Private Partnership policy by the Centre and states for housing segment to encourage private investment.
Tata Housing, which is undertaking development of 45-50 million square feet in several states, also stressed upon having a PPP policy for real estate sector to bridge widening gap between demand and supply of houses.
"The Centre along with states should frame PPP policy for real estate in order to encourage private investment in housing projects so as to get rid of problem of housing shortage," he said.
According to Tata Housing, there is a shortage of 24-26 million houses in the country at present.
The company also wanted the Centre to grant industry status to realty sector and make loans available at softer rates to provide impetus to residential and commercial projects in the country.
"I think the government ...Has to give industry status and provide softer loans to real estate sector if government wants to make India as slum free nation," he said.