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| Gangs Of Wasseypur |
What if you bought a car from a reputed brand and after using it for a while, the darn thing broke into two pieces one morning, just like that?
What do you think would happen? From the safety rating agency, the motor vehicles department, to the manufacturer, every entity involved in overlooking such a structural failure would be in the dock. Plus, social media would be on fire.
But, But, But...
What happens when houses crumble and kill: Nothing much
What happens when builders vanish or do not deliver projects: Nothing
What happens when financial commitments by builders are forgotten: Nothing
What happens when bank approved projects turn into half finished ghost towns: Nothing at all
Hulloooo... Who's In Charge?
Housing projects in India are approved by RERA, banks and financial institutions but why is that not enough to imbibe confidence among homebuyers? How can real estate developers with poor execution capabilities or fiscal imbalances hoodwink three levels of scrutiny?
In reality, these are questions that continue to haunt homebuyers, even though holier-than-thou claims of market reforms suggest otherwise.
In this must-read, thought provoking piece, Ravi Sinha of Track2Realty asks whether there is truly a custodian of Indian real estate.