"We Need an Authority to Control the Real Estate Sector"

" It is in the interest of the real estate sector have authority to grant operating licenses to industry professionals , "say Kentish Moorghen, Chief Executive Officer of Prime Pillar Ltd. .

He believes that this financial scandal highlighted the need for the government to introduce legislation. This, to regulate operations in the real estate industry and protect investors and buyers. According to him, there are real estate agents who inflate prices and acting " illegally "in the name of some landowners.

According Kentish Moorghen before obtaining the operating license, the companies operating in the real estate should make a deposit of at least Rs 1 million as bank guarantee. This deposit can be claimed in the event that buyers and investors are penalized by the actions of some operators and agents.

According Kentish Moorghen at least once a year, operators and their staff must follow a Continuous Development Programme to be informed of changes in the law, such as those at the Registration Duty , the Land Transfer Tax and guidelines of the Board of Investment for investors.

In his opinion the creation of an authority or commission to regulate the Real Estate Companies and Real Estate Agents bring more professionalism in the industry and avoid other financial scandals tarnished the country's image in the sector.

A legal framework for the operator in question will help the authorities or the Commission to better monitor the activities directly or indirectly related to the sector.

The undervaluation of property leading to a shortfall in the state coffers, especially about the Land Transfer Tax and the Registration Duty and litigation on these issues will diminish significantly. " We will also reduce the number of victims of fake estate agents. We will see fewer buildings not completed that are horrible to look at , "said Kentish Moorghen.