Industry calls for property reform in India

Property reforms are badly needed to regulate the sale of residential property in Mumbai according to members of the property industry. Following a period of great activity new construction sites have sprung up across the city to deal with high demand for luxury apartments but recent research reveals a drop in demand for the new properties and estimates suggest that more than half of the city inventory of luxury accommodation remains unsold – this includes completed sites and those still under construction. Damning media coverage concerning corruption in the country’s real estate sector has had a detrimental effect on investor participation and the Confederation of Real Estate Developers Association of India (CREDAI) have demanded government issue clear guidelines on land development policies and reform tax and finance rules in order to establish the way forward to a fair, regulated and transparent sales system.