A few of the industries that a common man deals with are in dire need of a Regulator. One of them is Real Estate.
There is no common definition of words like built up, loading, super-built-up, charging for parking, brokerage for renting, brokerage for buying and selling.
A builder does not have to tell the buyer whether the seller is a customer or whether he is selling from his own stock.
There are no accounting norms on how a sale is booked by a builder (which makes the builder’s shares and balance sheets far more difficult to understand).
What costs are common, what a builder can charge, how much time can he take by the time he forms a society to hand over the conveyance, etc. etc.
Surprising that there is no uniformity – and the only person suffering is the client. Once the client buys a house, he again may not care – and thus he joins the large group which does not care!
The builder community has a very low or poor image amongst clients in general and even the investing community in particular. So when a builder makes a promise, most people are skeptical.
The other industry that needs a Regulator soon is the Financial Planning industry…..!! will do a detailed note…soon!
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