The recent murder of NCP leader Baba Siddique and its connection to real estate sheds light on the complex relationship between politics and the real estate sector.
This association is multifaceted and can be positive or negative. The real estate sector's link to politics leads to conflicts of interest, corruption, and even violence. The pursuit of power and wealth results in illegal activities, such as money laundering and land grabbing. This can undermine public trust in institutions and harm individuals. On the other hand, the relationship between politics and real estate can drive economic growth and development. Politicians can shape policies that promote infrastructure development, affordable housing, and urban planning. This can improve the quality of life for citizens and create opportunities for businesses.
Politicians & Developers Nexus
The relationship is built on mutual benefits, with politicians often influencing policies and decisions that impact real estate development. In return, real estate developers provide financial support to political campaigns or offer other forms of assistance.
Some of the prominent and most talked cases that can be cited are of Adarsh Housing Society Scam (Maharashtra), Karnataka Land Scam, Bengaluru's Arkavathy Layout Scam (Karnataka), Maharashtra's SRA (Slum Rehabilitation Authority) Scam, Unitech Group Scam, HDIL (Housing Development and Infrastructure Ltd.) Scam and Lalit Modi's Realty Deals in Rajasthan.
Experts Opinion
Real estate experts believe the real estate sector requires systemic changes, transparency, and accountability. Some of the measures that can be taken are public disclosure of the real estate holdings and interests, establishing clear guidelines to prevent politicians from benefiting their own interests, carrying out regular audits of the real estate projects and the finances of the politicians, strengthening RERA, laws to protect citizen's rights and preventing land grabbing.
With technological advancements, the real estate sector is becoming much more transparent. As the sector evolves, it's essential to monitor the dynamic relationship between real estate and politics at various levels to ensure the sector becomes an organized industry and a major pillar of Indian GDP growth.
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