"There is no need for having three all India bodies representing the case of the industry to the Government. A single body will suffice and is an ideal case," Parekh said at the inauguration of Confederation of Real Estate Developers' Associations of India (Credai) here.

He said the three bodies - the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (Ficci) and the Associated Chambers of Commerce and Industry (Assocham) - should work in unison in a single direction and not at cross-purposes and called upon CII chairman Rahul Bajaj to work in this direction. However, Bajaj, who was the chief guest, disagreed with the suggestion and said in a lighter vein, "I did not know Parekh prefers monopolies. We do not want to create a monopoly in an era of competition."

On a more serious note he said, "Internally even these bodies had differencesof opinion on various policy matters. Convergence of opinion on crucial economic matters among the industry bodies was becoming apparent."Parekh pointed out that the housing sector was witnessing a turnaround and this was proved by a 40 per cent increase in loan applications in the first quarter following incentives announced in the budget. Unless a model rent control act was enacted throughout the country, investments in the sector would be hard to come by, he said.

"Except for Gujarat none of the other states have abolished the Urban Land Ceiling (Regulation) Act (ulcra). This coupled with the creation of a vibrant rental market will accelerate the housing stock in the country," Parekh said.

The real estate scenario has changed in the last three to four years with the small investor going out of the market as property prices had fallen drastically, he explained, adding the public sector, which was a big investor in housing, had also stopped making big investments.

Bajaj said the construction industryhas to refurbish its image as there was a general sense of unease among customers about their being taken for a ride.