22/03/2021
I am writing as Engineer and as Advocate in the interest of industry.
Very disturbing the articles and reports appeared in The Hindu, reflecting illigitimate activities occuring in Housing & Real estate business.
It is a cause of concern to all. Such illegal scams "better not allowed by industry Veterans and Professional organisations as RESPONSIBILITY".
Now, it's an occasion to call for tightening the RULES by REGULATORY AUTHORITIES.
Innocent investors, public in general with lack of understanding, lured into these schemes, without legal protection.
Without Project permission and approvals from competent authority, launching ventures is serious crime. Prosecution of such people, agents or intermediaries, under INDIAN PENAL CODE, be taken up.
It is unusual that STATE EXECUTIVE and LAW ENFORCING AGENCIES are till now waiting and watching. They are expected to clamp down on culprits, urgently.
TRUST, TRANSPARENCY and ACCOUNTABILITY is hallmark of housing and real estate business.
It would be great INJUSTICE, if needed collective course correction in not taken.
Thank you
P. Srinivasa Reddy
B.Tech, M.B.A, L.L.M
Advocate & Legal Consultant
A'n'E InfraLegl Associates