"It is not possible to have a uniform Central Act for all states. Therefore, this Act will be applicable only to Delhi and it will be a model for the other states to follow," said Maken, who was the chief guest at the meet. He, however, clarified that the watchdog would not regulate pricing. The regulatory authority would be a facilitator for developers in terms of permissions and other procedures.

As for buyers, it will ensure that they are not given a bad deal. "For instance, if they are promised a 1,500 sq ft flat, they should not end up getting only 1,200 sq ft. The body would act as an appellate authority," said Maken. According to Niranjan Hiranandani, head of Hiranandani constructions, real estate is already grossly regulated in India. "To construct one building, we require 52 permissions. Any further regulation will only reduce supply and increase costs. Unless supply is increased by increasing FSI, reforming land policies and creating more infrastructure, regulation won't help," he opined.

Anuj Puri, country head and chairman of Jones Lang LaSalle Meghraj said, "Ïn the real estate market, the real risk factor is the land fact as 80 per cent of the cost is the land cost and 20 per cent of the cost includes cost of construction and other transaction costs. Hence, land acquisition is the biggest risk factor in the real estate sector."

According to Hiranandani, home loan mortgages in India are worth barely 4 per cent of GDP, whereas in Singapore they are 70 per cent of GDP. "Looking at the scenario, it becomes important to be at par with international standards in terms of providing similar kinds of homes to all categories of people so that no middle class people are left without a home," he said.

Maken said that developing a regulatory body itself would bring in more surplus land as developers will form more joint ventures for property development. Further, he added that since demand for the real estate sector is growing in urban areas, builders should focus on developing real estate projects in urban markets and for the purpose, more investment is required.

Pranay Vakil, chairman of Knight Frank India, pointed out, "There is enough surplus land such as salt land which is creating a value in itself."