Stringent measures needed to check real estate prices

[AnnsOlive]

The price of real estate has gone up tremendously even in Kerala where the available land is limited for housing and other commercial activities owing to the flow of money, mostly from outside the State. The common man is unable to buy even a small piece of land amidst the affluent society. As such, regulatory measures have been unable to tackle the situation. Government intervention is the only effective way to check the illegal practices. Besides scrutiny by the Registration Department, scrupulous checks should be initiated to ensure that the transaction, especially when each document exceeds Rs.5 lakh, is legal. The source of the buyer?s income should be recorded in the agreement and the sale deed. They should be asked to obtain an undertaking from the buyer of the land regarding the details of properties registered. It should be checked with the limit stipulated of such properties to be acquired by a particular person/firm in the locality or elsewhere. The government should fix the land limit and housing properties to be possessed by an individual or a firm. The government should confiscate excess land obtained unscrupulously. The rules of the Registration Department, incorporating requisite safeguards, should be updated to protect the interests of the poor.

Ethics needed
A well-coordinated regulatory body should be established, under the aegis of the Union Ministry for Urban Development, to protect the interests of various parties operating in the multi-billion dollar real-estate sector. Emphasis should be on the needs of the common man. The functions of the regulatory body should be entrusted to officials who would ensure a ?free and fair? trade. The measures suggested include professional management of the sector in line with corporate management. Setting up of an appellate tribunal along with a regulatory body to address the grievances of the affected parties will prove to be an effective mechanism to protect the real-estate business and the owners of Kerala Apartments .

[Felecia_Clark10308]

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