Reforms in Real Estate - Key Solutions

Dear Friends,

Based on your inputs, below is a summary of key solutions/actions needed in Real Estate industry.

If there is anything missing, please add to the post as a comment.

We will soon compile the whitepaper and present to the affiliated ministries/departments for action.

Thanks for your participation!
Rajendra Pratap Gupta

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Real Estate Sector – Solutions
1. A governing authority should be set up in the construction sector
2. There should be a government organization or regulatory committee to fix the land value in each area
3. The municipal authorities must help the buyers/investors, understand the requirements of documents
4. Cash transaction in real estate buying-selling should be completely banned
5. All transactions should be made mandatory through cheques only
6. Awareness should be created among consumers about the nuances of the real estate sector
7. A circle/forum to assist the buyers regarding valuation and legal formalities should be created
8. Local Government authority should display on their website all approved projects along with land details, setbacks and number of stories etc.
9. There should be a uniform sale purchase agreement for all the states across the country
10. Home loans should be made available at lower interest rates
11. Approval by government for building commercial or residential complexes must be given only when there are appropriate roads, space for parking available for the complex
12. There should be quality audit body that conducts the quality assessment of each builder and publishes it openly on websites etc.
13. Research should be focused to find an alternative, affordable & greener options of raw materials
14. There should be strict laws to regulate the acquiring of land for construction
15. Agricultural land should not be let out for constructions
16. Cement & steel manufacturers cartelisation should be broken through some legal amendments
17. Heavy penalty should be levied if builders fail their delivery commitments
18. Poor quality construction or false promises should be heavily penalised
19. The criminals involved in cheating the people in Real Estate cases should be severely punished and all their wealth should be confiscated
20. Courts should be given timelines to decide on the cases related to properties