It makes sense to sell real estates particularly flats at current prices or even at discounted prices to clear off debts and avoid future losses. The market sentiments are against corruption and black money and accummulation of wealth by a few at the cost of masses will not be tolerated anymore. If the Govt is serious in tracking black money and accummulation of illegal wealth, the prices of real estate will have to crash sooner than later. This is the ideal time for builders to get rid off the stocks even at a lesser margin and profit than to incur heavy losses and debt.The advice by HDFC chief makes sense and worh pursuing.
T.V.Gopalakrishnan (Mumbai)
06 Nov, 2011 03:12 PM
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Monday, November 7, 2011
Tuesday, August 23, 2011
Corporates, Real estate sector and irregularities
T.V.Gopalakrishnan (Fortworth, Texas)
23 Aug, 2011 04:37 AM
The editorial is apt and timely and calls for an immediate action from authorities. The real estate sector needs a comprehensive law and an Ombudsman exclusively to protect the interets of home buyers. The corporates involved in real estate business have umpteen ways of extracting money from prospective buyers of properties and practically there is no accountability for the funds raised by them. Transparency in accounting and auditing is virtually absent and buyers have nowhere to look forward to register their complaints. Money is raised towards corpus funds without any standardised approach towards maintenance, funds for car parking are raised again without any standardised guidelines, terms and conditions are altered without the knowledge of customers, final terms included in the deeds are not maintained and undivided share of land included in the deed are subsequently sold without the knowleddge of customers,etc. are some of the very common mal practices the companies resort to. It is time an audit by a Govt appointed agency is conducted in all multinational companies who indulge in real estate business along with other business and mix up all accounts. Corruptive practices in multi national companies are perhaps worse compared to those in Government and needs to be closely monitored. It can help to bring down the real estate prices and minimise black money transactions also. Such checks and balances definitely bring some order in the transactions.
(This appeared ET E paper on 23rd august).
23 Aug, 2011 04:37 AM
The editorial is apt and timely and calls for an immediate action from authorities. The real estate sector needs a comprehensive law and an Ombudsman exclusively to protect the interets of home buyers. The corporates involved in real estate business have umpteen ways of extracting money from prospective buyers of properties and practically there is no accountability for the funds raised by them. Transparency in accounting and auditing is virtually absent and buyers have nowhere to look forward to register their complaints. Money is raised towards corpus funds without any standardised approach towards maintenance, funds for car parking are raised again without any standardised guidelines, terms and conditions are altered without the knowledge of customers, final terms included in the deeds are not maintained and undivided share of land included in the deed are subsequently sold without the knowleddge of customers,etc. are some of the very common mal practices the companies resort to. It is time an audit by a Govt appointed agency is conducted in all multinational companies who indulge in real estate business along with other business and mix up all accounts. Corruptive practices in multi national companies are perhaps worse compared to those in Government and needs to be closely monitored. It can help to bring down the real estate prices and minimise black money transactions also. Such checks and balances definitely bring some order in the transactions.
(This appeared ET E paper on 23rd august).
Subscribe to:
Posts (Atom)
