The need for a Real estate regulator is urgent

Developers who include multi national corporate Giants are taking customers for a ride and cheating the buyers of flats and villas left and right by swindling cash through various means.The buyers once committed and paid the advance have no means to fight the builder-developers for all their wrong promises, lapses and irregularities. The purchasers are spread over and have no chance of uniting and fighting. If at all they unite, it happens only after getting possession of the flats and by that time much water has already flown under the bridge. It is time the Govt set up a Regulator who should be able to scrutinize the accounts and vouch for the correctness fairness and veracity of all transactions. The need for a regulator is very urgent and paramount .   Dr.T.V.Gopalakroishnan.  ( This comment is in response to an article Govt mulling a tough regulator for Real estate deals appeared in ET dated 25/3/13)