Close on the heels of Maharashtra CM Prithviraj Chavan talking of constituting a regulatory

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authority to control high property prices, real estate market participants feel that there is a need for check pricing rather than just setting up a body.

They also said there is a need for framing standards of valuation of properties to check overpricing.

Maharashtra Chief Minister Prithviraj Chavan has said the government is planning to constitute a regulatory authority to control the skyrocketing property prices besides ensuring transparency in the system.

"The real estate sector is already overrated...If a new regulator is constituted, it will result in less supply and lead to further hike in property prices.

Government needs to frame standards for valuation instead of constituting a controlling body," real estate solutions provider Cushman and Wakefield India's Executive Director (Occupier Services) Arvind Nandan said here.

On the Chief Minister's recent statement on the politician-builder-bureaucrat nexus, Niranjan Hiranandani, Chairman and Managing Director of leading real estate firm Hiranandani Group, said there was an urgent need to marry infrastructure and development.

Chavan had recently admitted that there existed nexus between the politicians, bureaucrats and builders, which needs to be tackled adding that a regulator could ensure transperancy in the system.