• Do you see the same happening in other cities — Delhi?

I see the same happening in other cities. Residential, I have a problem. Because the developers have stopped making medium-cost houses. Developers are only interested in upper end — luxury end, as the margins are higher, they can demand whatever price they want. Someone has to build affordable housing. We’ve just forgotten affordable housing.

• And how do you do that while making commercial sense?

You have to put some financial incentives for people who build smaller houses. You have to put some financial dis-incentives to building larger houses. The profit margins are huge in the luxury area.

• I read one of your recent speeches, where you talked about the need for a regulator in housing.

I think there is a need for a regulator. There is regulator in every other business.

• But do other people in your business agree with this?

I think builders are opposing it. But I think it’s a boon for consumers. We’ve to protect the consumers. Today there are so many builders, who delay construction not by months but by years. And when the poor consumer goes to say he wants the house, they tell him to take his money and go away, because in the meantime prices have doubled.

• Oh, I see.

So there’s no way. They (consumers) are at the mercy of the developers. So you have to have some penalty, some control, some oversight.

... contd.