On Tuesday chief minister of Maharashtra announced stringent remedies against cheater builder developers. He assured legislative house that the properties of such unscrupulous, fly-by-night builders and developers will be sold to refund money to consumers. He also assured to amend the Maharashtra Protection of Interest of Depositors (MPID) Act . currently this law is applicable to investors and not buyers of property however Government is planning to amend the MPID Act to include such crimes to enable the government to sell the property of those involved in these cases and return money to investors.
In last some years it is observed that gullible flat buyers fall
in trap of verbal claims, glossy brochures of builders. The increase in the
demand and the offered promises does not ensure that the promises will
fulfilled on time. Builders fail to deliver on time, the delay in handing over possession is
rampant. Many builders start selling flats even before work starts and in some
cases the builders don’t have commencement
certificate even after buyers occupy the flats and start living in it.
Because of one-sided sale agreements tilted in a
developer's favors, buyers have no option but to be patient when the developer
delays his project. Builders start selling flats even before work starts.
There are several reasons for a stalled project. Many times builder run out of
funds or the authorities issue them a stop-work notice for violations. Many times
such delay is there because the developer changes the building plans or delay in procuring approvals,
Before buying any property one should check copy of all
legal documents like approval of municipality, sample sale agreement etc. and
get these document verified . Many times buyers get the legal papers only after
paying the cash component or some
percent of the price of property .Once buyer pays some amount ( that goes
into some lakh rupees) he fall in builders trap he has no option other than to believe
or wait for the project to be completed. He avoids any legal action or
complaint to authorities because fear of losing money. And delay in justice in
India is main cause of such fear.
It seems that Mr. fadanvis has taken common flat buyers
problems seriously. Recently he announced to to clear construction proposals by developers within seven
days from their respective municipal authorities or district authorities
if the building plan submitted by them is as per any of the 56 plans approved
by the government.
In last many years in India housing for poor or affordable
housing has become a serious issue. Many Governments brought many legislation
or schemes to promote such housing. Be it urban land ceiling Act ( Funny thing
is this act was brought so that poor people should get house and it was
repealed for the same reason) , Housing for economically weaker section ( EWS )
, Housing for dis housed (HDH), special Township schemes etc. etc.
Many concessions benefits were given to promote such schemes. The Idea was to make
available affordable housing for poor. But that didn’t happen because builder
with help of politicians and bureaucrats siphoned off all these concessions and
benefits in between. They didn’t reach to whom those were meant for i.e
real, poor and needy flat buyer
In two circumstances real estate industry unites remarkably 1)To
siphon of concessions-benefits meant for common people and 2) to oppose or put
pressure on government , not to make efforts that may regularize real estate
industry. Best recent examples of it are Real Estate Regulatory Authority and recently announced certification the measurement of flats sold to
buyers.The real estate industry as expected
has heavily reacted on this decision.
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