Real Estate Sectors - Inputs on Solutions
Dear Friends,
Based on your inputs, below is a summary of key Root Causes for the state of the Real Estate sector.
Please review them and identify specific implementable solutions to these root causes. We will then put together a whitepaper covering Issues, Root Causes and Solutions and submit to the the associated Ministries for action.
I look forward to your inputs!
Rajendra Pratap Gupta
---------------------------------------------------------------------------------------------------------------
Real estate Sector – Root Causes
1.Corrupt nexus between builders and government officials
2.Lack of awareness among customers
3.Government officials are bribed for not reporting non-compliance of building laws
4.The real estate companies are either headed by politician's kin & kith or pay a hefty sum to the political parties. This money escalates the cost
5.There is no regulatory body to control the real estate market
6.No laws against cash transaction while purchasing properties
7.Lack of ethics in the sector
8.Builders provide discounts for cash deals
9.No laws against the false promises that builders make to dupe customers
10.No penalties charged to the builder for not completing projects on promised time
11. The builder cannot be held responsible for anything that happens to the house after possession (substandard quality of construction etc.)
12.Lack of an independent regulator
13.A lot of raw material is sourced from the local un-registered vendors, who don’t understand quality control, legality, taxes etc.
14.Most of the projects have political/criminal backing. Hence people are scared to go to court against them
15.Non availability of a dedicated forum to redress the grievances of customers pertaining to real estate
16.Genuine buyers have to buy from agents who are not governed under any law
17.The financial punishment to builders is very small compared to the profit earned (both white & black money). So, even if there is a fine, the builder does not care about it more
Based on your inputs, below is a summary of key Root Causes for the state of the Real Estate sector.
Please review them and identify specific implementable solutions to these root causes. We will then put together a whitepaper covering Issues, Root Causes and Solutions and submit to the the associated Ministries for action.
I look forward to your inputs!
Rajendra Pratap Gupta
---------------------------------------------------------------------------------------------------------------
Real estate Sector – Root Causes
1.Corrupt nexus between builders and government officials
2.Lack of awareness among customers
3.Government officials are bribed for not reporting non-compliance of building laws
4.The real estate companies are either headed by politician's kin & kith or pay a hefty sum to the political parties. This money escalates the cost
5.There is no regulatory body to control the real estate market
6.No laws against cash transaction while purchasing properties
7.Lack of ethics in the sector
8.Builders provide discounts for cash deals
9.No laws against the false promises that builders make to dupe customers
10.No penalties charged to the builder for not completing projects on promised time
11. The builder cannot be held responsible for anything that happens to the house after possession (substandard quality of construction etc.)
12.Lack of an independent regulator
13.A lot of raw material is sourced from the local un-registered vendors, who don’t understand quality control, legality, taxes etc.
14.Most of the projects have political/criminal backing. Hence people are scared to go to court against them
15.Non availability of a dedicated forum to redress the grievances of customers pertaining to real estate
16.Genuine buyers have to buy from agents who are not governed under any law
17.The financial punishment to builders is very small compared to the profit earned (both white & black money). So, even if there is a fine, the builder does not care about it more
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