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Article

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Huge amounts of money has also been invested by aspiring middle class families in purchasing plots of land, booking apartments and renting dwellings. Due to the absence of a weak and fragmented regulatory framework and prevailing corrupt practices in land allocation, utilization, conversion and registration, a large number of irregular and illegal housing cooperative societies have sprung up throughout the country taking over fertile agriculture land and also sucking in billions of savings of middle class aspirants for getting decent housing. Many of these societies have left incomplete structures and buildings not fit for occupation while legal proceedings are held up and not concluded for years altogether because of adjournments and stay orders or absence of lawyers on the dates of hearings. While the main responsibility lies with the executive branch for allowing a laissez-faire environment without a single regulatory agency overseeing the real-estate sector, the judiciary at the lower level hasn’t helped much.

Publication Source

The News

Publication Date

4-1-2022

Pages

1-4

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Economics Commons

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