“In the absence of a moral and formal code of conduct for the real estate developers, the genuine entrepreneurs and business entities stand hassled and harassed,” Inderdev Singh Musafir, director, M&B Footwear, told Indiaretailing.
“While the whole country seems to be excited with the real estate boom, it is the other side of the picture that needs to be scanned and urgently corrected,” he added.
According to Musafir, the realtors who are flying high on the swelling prices of real estate in the country, are harassing the retailers and need to be restricted by some moral and formal codes of conduct. He elaborated his views through the following points:
• The classification of floor area ratio and its bifurcation in terms of super and carpet area remains most arbitrary and unfair, largely due to the inherent practices of real estate conglomerates and related cartels.
• There is absence of a clear-cut definition or norm on commencement of the incidence of rentals. It has been experienced that many mall and real estate developers start charging rent even before securing the Completion Certificate from the concerned regulatory authorities.
M&B Footwear plans to expand its retail network by opening 250 outlets in tier I and II cities in India by 2010. The company recently opened the first Walk-in M&B store in Jaipur.
