There was time any financial scam used to happen few things were common. In all scams before 2000 whether it was Hari Das Mundhra in 1970’s or Harshad Mehta in 1990’s or Ketan Parekh in 1999 stock market operators, politician and bureaucrats were common player. Now it seems real estate sector have replaced stock market .It is understand able it’s involvement in sale of defense land or housing finance scam but latest 3G telecom scam also has element of real estate also. Let’s RealEstateDealStreet.com discuss about this why this sector is performing like this.
This sector actually was always unorganized any one who has land and money or both and knew how to manipulate law became builder. This sector started its journey from land scarce and financial capital Mumbai. It faced scare of mafia. After that with the help of politicians and bureaucrats it learnt how to manipulate the system. One of Maharastra party chief and one cabinet minister form Kokan region helped them who to extract the juice from government land and public. After seeing lucrative business like this some other players in other cities started. This sector became good ground for black money investment. Builders also became thick skin. Some of them likely to be arrested very soon.
The reason behind all this because there are no regulatory bodies for real estate sector. Like for stock market we have SEBI and for banks it is RBI. Due to that any one can become builder or real estate broker.
should have some regulatory mechanism to make this sector more transparent and efficient. RealEstateDealStreet.com awaits your response…. India