Builder-neta nexus behind realty rise, say experts

The nexus between politicians and developers is what is causing property prices to skyrocket and burdening genuine consumers. According to property experts, many developers are politicians and vice versa.

“Almost all housing policies are tweaked to favour the builders. As a result, today the real estate sector is a complete mess. There is no transparency. The use of black money has increased manifold. Politicians feel that the real estate is best sector to direct their ill-gotten money to. Therefore, the property market never runs on real demand and supply, but on the wishes of politicians and developers,” said Ramesh Prabhu, chairman of Maharashtra Societies Welfare Association.

Another housing activist said that to put an end to this malpractice, the government should create a transparent real estate portal. “We have been demanding  this exchange portal for a long time. It will record all real estate transactions. One copy will submitted to the income tax department, so the government can keep a tab on builders, as well as earn revenue. But sadly, no one is interested in such a law,” he said, requesting anonymity.   

Prabhu said, “The time has come for the common man to awaken from his slumber and start demanding good policies. Otherwise, he will continue to suffer.”