Assessment of Statutory Impediments against Real Estate Developments in Kerala State in India - A Comparison with Philipines and Turkey

Abstract

This research paper is a study of real estate developments and challenges faced by those working in that field in India. Among the states of India, Kerala is pioneer in the field of real estate. So this study is mostly concentrated on State of Kerala. Finally a comparison is made about condition in Philippines and Turkey. Numerous legal renaissance  have taken place since independence. Establishment laws and inclusive practices in conformity with existing principles is definitely a long awaited and laborious process. The Government, the legislature, judiciary, media as well as  civil society need to  to perform respective  roles. In Kerala the real estate boom was of recent origin, started only couple of decades ago, but major cities of India witnessed it earlier. Prominenty, Speculation by people who hoarded lot of money, made through treacherous  methods, and dilapidated lending policies by banks is contributory factor for hike in  the boom. Recession cannot be a hindrance  for real estate market in Kerala. Moreover the landdeal in Kerala especially in Trivandrum and Kochi is mushrooming  because of their pioneer place. Similar to unsustainable nature of real estate, is the plight of real estate laws. They keep on changing, something even without giving sufficient notice to the public. State government fixes the fair value of different places time to time. But the calculation is very unscientific.This research paper try to unravel problems in this area and also make a small attempt to compare it with plight of Turkey and Philippines.