The Real Estate Business in India and in the US: A Comparitive study(Part I)

In India and in the US, people who are engaged in real estate business are spinning money like anything and the prices offerred by the real estate business men are skyrocketting.In India business men invloved in real estate business particularly in the metropolitan cities like Mumbai, Delhi, Kolkatta and Chennai are reckless and the prices offerred by them are simply unconscionable and unimaginable and beyond the reach of a common man.Charles Darwin's Theory,'survival of the fittest'is fully in practice as far as the real estate business is concerned Those who can't afford to pay a heavy price offerred by them has no other go but to simply withdraw in silence.

But the main purpose of this article, is to compare and contrast the real estate business that is actively practised in India and in the US.Of course,in both countries the real estate business is thriving like anything and is in evergoing demand, since the people keep on moving from one place to another either due to reasons of employment,business or for the sheer liking of a particular place.

In India the real estate business is very active in metropolitan cities like Mumbai, Delhi,Kolkatta and Chennai and in lesser cities and towns, not to speak of even town panchayats and villages.Mostly private operators purchase the lands from the land owners,prepare lay outs,get approval from the appropriate plan approving authorities like MMDA , DTP,Municipalities,Town Panchayats and the least is from the village panchayat presidents.Sometimes,some individuals engage in the business without getting approval from the proper authorities but falsely claiming as if they have got approval from the requisite authorities,which actully result in unnecessary problems like litigation,encumbrance etc and the innocent purchasers becoming victims and running from pillar to post either to safegaurd their property or to escape from incurring loss.The real estate people who actually sold them their plots,simply keep mum pleading ignorance Therefore it goes without saying that once they sold their plots they have no any future obligation with the plots they sold.They are simply promoters and sellers.Government sponsored societies,public sector undertakings also undertake to sell plots in the above manner.But what they do in addition in their lay outs is they lay proper roads, even cement roads, fix name boards for the streets and even provide water facility by erecting a overhead tank.But all these arrangements are only too woo the propspective buyers to sell their plots at a whopping price.

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