Regulation of Real Estate Develoment in India

Indian towns and cities are witnessing unprecedented urban growth and to a large extent the real estate development taking place in the peripheral and suburban areas are contributing to the efforts of the development authorities and urban local bodies. But have you ever thought whether the large scale residential and commercial development under the umbrella of real estate development is properly and timely regulated through the various development controls and norms prepared by the urban local bodies. There are many towns in India where there is no such regulatory and guiding document like master plan for such purposes and hence arises the need for having a comprehensive national real estate development control and regulation.

This can be entrusted to the ministry of urban development of the Government of India and various states who are capable enough to devise such comprehensive document to guide the real estate development. Devising a comprehensive guiding and regulatory document is not enough but there is a need for capable urban and rural local bodies who are empowered to act in the matters of urban development taking place in areas under their jurisdiction.

It has been often in news that many developers do not provide the services as mentioned in the document alluding the purchasers. Thus, there is need for such a monitoring and regulatory bodies in each state and their subordinate offices in the urban local bodies.

The real estate development should be channelised in such a way that they contribute to a healthy growth and development of the urban fabric. And this can be done by proper and timely regulation like compulsory development charges to the Urban Local Bodies for extension and augmentation of the social and physical infrastructure.

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