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Letters: Some real estate reforms

Business Standard  |  New Delhi 

This refers to the editorial "Real reform of real estate" (April 13). No doubt, the recent move to have a regulator for real estate deals is a plus and can bring in some semblance of order and uniformity in fixing rules and regulations for real estate dealers and developers. It should also ensure that the generation of black money through corrupt accounting practices comes to an end and transactions are made transparent.

The unsuspecting customers are always taken for a ride while buying plots, flats or houses and they are always asked to shell a lot of money in the name of registration charges, stamp duty, deposits towards maintenance with a clause that interest would be paid and adjusted towards maintenance, lease charges for car parking and so on. There is no uniformity in the collection of various charges and the treatment meted out subsequently is not made transparent. Very rarely do customers get back any money and the account details. Even multinational companies who are deep into the real estate business find such sources of funds as solid resources for manipulation, diversion and bribing. The appointment of a regulator is a welcome step and it needs to be strengthened and made effective to check malpractices that are rampant in the real estate sector.

T V Gopalakrishnan Bengaluru

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First Published: Mon, April 13 2015. 21:01 IST