Media cannot be held responsible, for regulation is the prerogative of the administration. It is humanly not possible for the media to authenticate each and every advertisement. If media was to indulge in scrutinising such dubious advertisements, it would deviate from its core competence of correct reportage. All that the media can do is, be more vigilant in separating the wheat from the chaff . Offering a solution for this problem Advocate P. H. Parekh, former President, Supreme Court Bar Association adds, “Advertisements must clearly state, actual measurement of the area, which should not be inclusive of area given for common amenities like lift etc. Also the developers should keep no hidden cost from the investor.”
In order to check this growing menace the Confederation of Real Estate Developer’s Association of India (CREDAI), has issued strict guidelines for its members to comply with ethical norms and practices. In addition to such efforts there is also a need to appoint a separate regulatory body for the sector.
With the Indian realty sector slated to grow at 30% per annum to around $45 billion by 2010 and 100% FDI permitted, the foreign investors are pouring in. But they desist from investing in companies following corrupt practices. The recent Apex Court ruling will help remove some of the cobwebs from the system making it look more transparent and fair, both for the investors and the consumers.
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Source : IIPM Editorial, 2006
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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