How can real estate be real?

Dale366 · Joined: 08 Nov 2007 Posts: 1

Even after 60 years of independence, India is still a land of conflicts of many sorts – economic, social, legal, religious and what not. Despite the near double digit growth in GDP, there are many below the poverty line. In spite of growing wealth, there are many who do not have two square meals a day. Though many legislations have been enacted protecting the rights of citizens, many do not get justice, what with umpteen cases of unfair treatment continuing day-in an d day-out.

Against this Cochin apartments background, let us look at some critical points raised by a promoter/builder. The promoters who are well versed in the business for over a decade with one of the largest property marketing outfits in South Asia. Some of the issues raised by them are:

•Are we following fair business practices in real estate dealings?
•Are the operators in real estate sector disclosing enough to the prospective consumer?
•Are we telling the true position with regard to infrastructural facilities when offering a project to public?
•Are we clearly defining the built up area while releasing the details of an apartment project?
•Are the standard specifications clearly defined?
•Are the applicants aware of the break-up cost? Why not offer the sales at MRP?
•Why not disclose the time frame for providing the promised amenities?
•How about making the fine print a sort of bold print?

Some of these and other issues are vital from the angle of business ethics, justice and fair play. Housing as a priority was pushed o the front line in 1954 when the National Building Organization (NBO) was set up by the Government of India for laying down plans and policies to promote housing to the homeless. The private sector got into the act in a big way when construction people set up real estate outfits eyeing the vast scope in the field.