These details must be made available to customers when they visit the site office and should also be included in developers’ advertisements. “Only when these details are offered will there be transparency. Such complete disclosures will also raise the bar vis-à-vis developer’s accountability. When disclosures are made in a standardised format, customers will be able to compare projects. Customers and institutional investors — banks and private equity players — will be able to assess better the risk involved in investing in a project,” says Rao.

According to real-estate experts, the legislation for compulsory disclosures should be a Central legislation since the matter pertains to customers all over the country. It could perhaps be prepared under the aegis of the Ministry of Housing and Urban Poverty Alleviation, also involving the Ministry of Consumer Affairs.

Today, the entire market is excited about the affordable housing segment. Rao says, “We expect that developers are going to put up affordable housing projects and the great Indian middle class is going to buy them. In such a scenario, and against the backdrop of the housing sector bust in the US, it is necessary that India builds a robust regulatory regime. The government’s liberal policies should not result in a situation that embarrasses the new government at the Centre. More importantly, such legislation will protect the common man and allow him to make informed choices while investing his hard-earned earnings.”

praveen.singh@expressindia.com