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The Lacuna in the Real Estate Bill

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The Real Estate Bill may protect the home buyers who can afford the high housing prices, but it does not address important issues straining the housing market.

The Real Estate (Regulation and Development) Bill, currently under consideration in parliament, can be useful in protecting home buyers from exploitation. But the bill does not address the issue of a high housing prices, which are unaffordable for a large number of prospective buyers.

Home prices used to appreciate at a high rate in many parts of India in the past, but in recent years there has been an important change – the appreciation rate has slowed down to such an extent that the price appreciation for urban residential properties has dropped to zero over the 2007-14 period, after adjusting for the general inflation. However, this development has only arrested a further rise in real prices, while absolute prices are still high for most people in India.

Consider, what may seem, a digression. There has been a revolution as far as the access to computers, internet and mobile phones is concerned. Prices have come down enough such that even the poor have benefitted. A similar change has occurred in the pricing and availability of consumer durables and vehicles over the last two decades. But the housing industry has steered clear of this trend. Why is that?


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