Call for Institutional Framework in Real Estate Regulation
To bolster the real estate sector, particularly in the realm of affordable housing, the establishment of an institutional framework for a regulator is paramount. This regulatory body would play a pivotal role in several key areas:
Key Responsibilities of the Proposed Regulator
- Regulating the Affordable Housing Agenda: Ensuring that housing projects cater to the affordability criteria across all income segments.
- Promoting Real Estate Reforms: Spearheading changes that bring about greater efficiency and fairness in the market.
- Ensuring Transparency:
- Mandating the sale of flats based solely on Carpet Area, thereby eliminating discrepancies and providing buyers with a clearer understanding of what they are purchasing.
- Serving as a Platform for Buyer Protection, safeguarding consumers against fraudulent practices within the real estate sector.
Economic and Practical Considerations for Affordable Housing
According to Mr. Parekh, for affordable housing to be truly effective, it must:
- Be Economically Viable Across All Income Segments, ensuring that housing solutions are accessible without being financially burdensome.
- Make Economic Sense in Terms of Commuting Distance to Workplaces, highlighting the importance of location in the affordability equation.