??|?? November 3, 2012 ?? 11:25am ??|
New Delhi: Even as Gurgaon continues to see a demand for property by investors and corporates, it clearly has problems to address ? the main ones being bad infrastructure, skewed builder-buyer agreements and the problem of housing being affordable only to those in the high income group.
In a chat with Firstpost, executive director, Cushman and Wakefield India Pvt. Ltd., Manish Aggarwal, said that Gurgaon?s biggest problem was that of infrastructure and not of dipping buyer interest.
Swanky high rises but no basic infrastructure
While Gurgaon?s problems have long been infrastructure, even though nobody mentioned it or looked into it seriously, it has finally hit home.
Fraught with water woes, electricity cuts and bad connectivity, Gurgaon may have some of the top corporates make it home, but it is no secret that it also doesn?t have much basic infrastructure.
Most infrastructure in the city is built by its developers and the least that the government should do is maintain it, Aggarwal told Firstpost. ?Gurgaon today lacks water supply, power supply, sewage disposal and road connectivity ? despite being sought after by corporates. The government should at the least see that the infrastructure developed by these developers is maintained to an adequate level,? he said.
While Gurgaon?s problems have long been infrastructure, even though nobody mentioned it or looked into it seriously, it has finally hit home. Reuters
And while the new masterplan talks about development of areas beyond Gurgaon ? to places like Manesar ? where it is again the developers taking initiative to build roads and sewer systems, Aggarwal said that the government should make sure that these infrastructure projects are completed on time so that buyers can enjoy its benefits.
Unregulated sector leads to developers playing by their own rules
As the real estate sector is not regulated, the rules the developers play by are only the ones that govern land and its purchases. ?Land is a state subject and different states have different norms ? those are the only norms developers follow to develop a property depending on which state they want to develop in and what bye-laws they have to follow,? Aggarwal said.
?In India, because of lack of any real estate governance or any regulator, every developer has his or her kind of own builder-buyer agreement ? which you would see is tilted towards the developer?s side and not the consumer?s side,? he added.
However, Aggarwal said that if the government?s initiative to pass the Real Estate Regulators? Bill comes through, it will help decrease that skew and enable consumers to have clear rights over a property he/she buys from a developer ? and to fight for those rights.
?So effectively builder buyer agreements will be more regulated and standardised to an extent where they will be more fair and it will be an equal playing ground for both consumer and developer,? Aggarwal told Firstpost, ?It?s the necessity of the day and is good for the sector.?
What the bill will bring in is more transparency for the consumer and the sifting of unscrupulous players in the sector. ?In some places it (the bill) is a little harsh on the builder but it brings more transparency for the consumer. It will give a boost to the real estate sector and weed out the unscrupulous people trying to make a quick buck in real estate,? he said.
Housing bubble or not?
Even as India faces a housing shortage of 18.78 million and the new Union Minister for Housing and Urban Poverty Alleviation, Ajay Maken, saying that vacant houses in the sector imply that the housing bubble can burst anytime, Aggarwal said prices of residential properties do need to come down.
?In the last 4-5 years developers have started making houses catering to the middle income group. However, because land and developing it became so expensive, they (the developers) were not able to maintain the price levels that could cater to middle income housing,? he said.
The problem with that, he said, was that once that price barrier is crossed then the homes built for the middle income group become unaffordable for them and hence the vacancy. ?While the specifications of that kind (middle income) of housing was made for the middle income, the prices have reached a level where only the high income group can buy it ? so there is a disconnect,? Aggarwal said.
http://www.firstpost.com/real%20estate/gurgaon-where-developers-play-by-their-very-own-rules-512849.html
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