‘Regulation should address demands of customers and sellers’

In any society the driver of the economy is not just a single entity. The collective effort of all the stakeholders in a holistic way achieves desirable results. With general cost escalation and resistance on the price front, support from all quarters is the need of the hour.

Regulation is an important aspect of any sector and Real estate is not averse to it. The need is fair regulation that addresses both customer and sellers’ demand, which will enable the industry to reach greater heights. With the national mission of ‘Housing for all by 2022’, a conscious approach should be maintained to address all vexing issues. Real estate is subjected to multiplicity of taxes and regulations. Duplicity of enactments will not only add to confusion, but also unnecessary harassments.

National level Title registry is one important step to address title-related issues. For a state like ours, it’s one of the easily achievable goals. This will enable both seller and buyers to have clarity on titles and also easy transferability. The sector contributes a considerable amount to the state exchequer by way of Stamp duty and it should be deployed for development of such data, which will protect the citizens.

At present customers pay very huge stamp duty for registration, wherein the registered documents’ legality is not vetted by such process. Linking such instruments’ registration process with legal status will enable the customer to gain more confidence to invest in this sector. Once the total property registry is mapped, duplicity of transaction and ease of registration will be achieved.

The Government now should map the state as existing and to achieve this many reputable agencies are available. Many outdated orders and issues should be resolved through a consultative process and in the interest of the public at large the Government should take bold steps. They are capable of doing this and we wish it would lead to ‘ease of doing business’ and not ‘easing out of business’.

(Secretary, CREDAI Bengaluru.)

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