A house for Mr Vishwas: How to regain the trust of homebuyers

Let's sharpen our realty regulatory framework to inspire confidence among homebuyers who bear risks they cannot afford

- G.N.BAJPAI & PRAVEEN TIWARI

A House for Mr. Biswas, written by the acclaimed novelist V.S. Naipaul, tells the poignant story of a man's struggles to find his place in society as he dreams of owning his own house.

The story of hundreds of thousands of house aspirants in India is no less heartrending.

Though the contribution of the real estate sector in meeting the housing needs of society has been significant, it is estimated that the aspirations of lakhs who signed contracts and made payments to buy a house have been bogged down in a quagmire of unfinished projects, insolvencies, allegations of fraud, diversion of funds and prolonged litigation. The confidence of homebuyers has been eroded.

As reported, Union housing minister Manohar Lal Khattar recently articulated the frustration of thousands of homebuyers while admonishing the National Real Estate Development Council (Naredco), an association of realtors that functions under the ministry's aegis. If a project goes to the National Company Law Tribunal, he observed, the chances are it will never get completed.