FICCI invites Mr. Atul Sharma, Managing Partner on a panel discussion on the topic “Regulation in Secondary Real Estate Market” - 20 July 2018

The Federation of Indian Chambers of Commerce and Industry (FICCI) recently organised a Conference on “Improving Transparency in Secondary Real Estate Market” in New Delhi to highlight the importance of transparency, current trends and regulations in the secondary real estate market. With the above aim in mind, it bought together industry leaders for valuable insight on the various facets involved in real estate market.

Mr. Atul Sharma, our Managing Partner, was invited as a panelist to share his thoughts on the topic “Regulation in Secondary Real Estate Market”. The other panelists on the session comprised of Ms. Nirupama Soundarajan, Senior Fellow & Head of Research, Pahle India Foundation, Mr. Abhilash Pillai, Partner, Cyril Amarchand Mangaldas, Mr. Hardeep Sachdeva, Partner, AZB Partners and Mr. Sanjeev Ailawadi, Legal Head, Eros Group. The session was moderated by Mr. Avnish Sharma, Partner, Khaitan & Co.

The discussion revolved around whether any formal regulation in secondary real estate market is required. Mr. Sharma canvased the view that the existing laws and legal framework is sufficient to grow the secondary real estate market and only the following two steps need to be taken:

  1. Improve digitization on land records to assist due diligence processes and creation of information utilities whose data shall be treated as conclusive of the title.
  2. Standardisation of terms of allotment of land by government authorities at least at the state level.

The conference brought together members of industry, policy makers and related stakeholders from real estate industry to deliberate upon Indian Secondary Real Estate Market.