Till the rating happens, however, do you trust your gut feeling more than anything else to strike a real estate deal? No, say experts in the area. For instance, Rajesh Arora, CEO, Arora & Associates (a complete relocation company), says that till such time as a rating of the real estate sector is put in place, a buyer has to base his judgement on the banker's reference, experience and solicitor's reference.

But things have started moving in the right direction in the real estate sector, says Arora. To start with, a real estate forum has been formed for the first time. Called NAREDCO, it has on its panel industry bigwigs from the National Housing Board, Hudco and other leading organisations. The objective of NAREDCO? To deal with the code of conduct and corporate governance in the real estate sector.

With the Union Budget round the corner, will NAREDCO be able to influence the government on any issues related to real estate? Not really, says Arora, who's managing the show at one of the largest real estate consultancies in the country. He explains. First, there's no invitation from the government to the representatives of the real estate sector for deliberating on issues.

And second, the real estate sector is always regarded as a non-industrial sector. Therefore, says Arora, the foremost need is to give real estate industry status.

Meanwhile, will this budget be any good for real estate consumers? Yes, says Arora. Norms will be further eased, whether it's for taking a loan to buy a property or the processes of actually buying a property. Also, interest rates are expected to be lowered, he adds, thereby boosting the sale of property.

Another aspect that may get some attention in this year's budget is the entry of foreign construction companies. Arora says these companies will bring with them the latest technology in construction. According to him, there's a scope of at least 30-40 per cent improvement in the construction technology used in India. Plus, foreign companies will also get better construction material, he says.

Overall, real estate is looking up, particularly from the customer point of view. The end user, says Arora, has become very intelligent. He's aware of his needs. Realising that, developers too are providing quality products. More important, developers have begun reducing their profit margins to a large extent. For example, says Arora, a property in Gurgaon that cost Rs 5,500 per sq. ft some time ago is now available at Rs 4,000-4,500 per sq. ft. In other words, sums up Arora, real estate is getting realistic. For end-users are demanding value for their money and they're getting it-to some extent at least.