According to him, this mistrust depresses consumer confidence and delays purchase decisions, while also limiting the entry of major international players to bring competition and best global practices to the industry.

'Therefore, there is a need for an efficient and focused regulatory body to oversee functioning of the real estate sector in order to ensure industry development and safeguard consumer interests in line with international benchmark,' he said.

In addition, the chamber also suggested that developers and other stakeholders including consumers adhere to the norms laid down for real estate funding and credit by Reserve Bank of India and National Housing Bank.

Assocham also requested the authorities to ensure that all development charges are used for the projects for which they are collected.