Complaining that people were being cheated of their life's savings by fly-by-night builders and unreasonable housing loan schemes, the BJP on Friday asked the Government to set up a regulatory authority for the real estate sector.

Proposing a wish-list ahead of the Union Budget 2008, senior BJP leader Murli Manohar Joshi also asked the Government to take steps to safeguard the interests of the small investors, including those who put their money in the stock market.

"The situation is very bad in the property bazaar. Fly-by-night builders appear out of nowhere, take money from people and disappear," he said.

He said a regulatory authority should be set up, which would keep a check on the builders and ensure that they complete the projects. Joshi said the authority could also look into the phenomenon of increase in floating loan rates for housing ending up in big increases in the monthly installment.

Referring to the volatility in the share bazaar and the small investors incurring losses due to it, he demanded that the Government come out with a white paper on the issue of allowing participatory notes in the stock market.

"The Government should ensure that the money coming into the stock market does not have a black market origin or a terror background," Joshi said. The wish-list that will be presented to Prime Minister Manmohan Singh on February 26 includes putting focus on housing in smaller towns and villages.