Ensure a fair deal

real estate

Trust transparency and timely delivery of projects are three mainstays of the real estate business model and the onus of maintaining all these lies completely with the developer as the buyer especially who puts in the life savingand hard-earned money in a projects is completely dependent on the builder for keeping his promise of giving timely delivery of homes as per quality and other facilities mentioned the original sale agreement.But profit hungry attitude fueled by lax laws and regulation regime have made trust a very precarious in the reality mart today with fly by night development dashing the dream of buyers by scooting their money and employing cost –cutting measures that lead to sub-standard fitting and etc. used to cheat a buyer of his right the recent example of the director of Royale empire group in the area Zirakpur fleeing over Rs50crore of customers and leaving he projects midway and the question mark put the court on the land process in the Kalka Pinjore Urban complex area have sent in the reality market. The royle empire has shattered the dreams all most 800 buyers say Vijay Arora president of peermucchalla builders association who is marketing efforts to bring all the investor to find out a way to complete the projects the runway builder. As the already shaky investor trust has received a jolt, the buyers are lost in the mists of confusion and do not how to deal in case of such problem through such incidents are not very frequent this is little for those who have lost money in such deal that is developing around eight projects in the tricity’s periphery.

What should the buyers do? Exercising caution and being aware of one’s rights can go a long way in saving one self from getting in to problematic deals says Mittal. The buyers are generally lured by huge in the newspapers and promise and lofty discount offers made by the development and fail to gauge the ground realty properly in their enthusiasm to get a good deal most of the buyers generally get in to trap. If a builder in offering lose than the market price then there are chance of some hanky panky there and most of the projects that run into rough the ones that projects such unrealistic margins adds Mittal.

As a buyer it is always advisable to ascertain that the selling is end-user focused and not inventor than the buyer should check out the market and pay the genuine value. Laying stress the checking the status of land for a project Sanyam Dudeja Taneja Developers Ltd. The initial stages of deciding property till the registration. Consideration of the legal status of the land one of the first issue that buyer should address before a property. Confirm that the land has clear and marketable title. It is certainly mandatory to check the land and projects approval details. The builder should provided the necessary document to the buyer and the land owner ship details they should also provide a clear land title which implies that property is free of litigation and associated debt.

Experts also advise about scanning the past record of the builders the buyer should their due degrading the past track record of the developer they should visit the old projects of the developer and talk to the old customers if a buyer still finds himself in an unfortunate situation where he has already invested money with a developer who changes his terms later on then he can approach the CREDAI consumer forum. CREDAI helps to resolve such in a reasonable way though pressure and informal arbitration. As a last recourse the customers can go to consumer court and hope for justice.

Will regulation help? While the depart about the Real Estate Regulation Bill is raging in the corridors of power day with the powerful builders lobby putting up a strong resistance to certain it is the common buyer’s interest is that more important as in a country like India buying a home is much more than just a monetary as it among the biggest life time investment for a common man.

So will real estate regulation solve the problem of fraud delay etc. only to a limited extent says Bajaj and explaining the CREDAI stand for the Bill he avers the Bill is a duplication of many of the provision which are already there in the consumer projection many of the provisions are draconian but at the same time it will be an effective deterrent for fly by night operators who run way which with inventor hard earned money.

While advocating the cause of self regulation Bajaj adds the that is it an effective method to regulate the working of the real estate developers. CREDAI has proposed a voluntarily code of conduct which all members have embraced the code talks about the full upfront disclosure by the developer about his land title projects features approval status area calculation etc. this transparency in itself takes care of more that half the problem if the customer has any disputes he can go to the CREDAI forum where historically more than 80% of the issue have been resolved he adds.

While caution on the part of the buyer remain the catchphrase in any real estate deal The reputation of the buyer and the team that is handling a particular project are also important factors that can save your hard earned money. So watch your step and tread cautiously in the slippery realty mart advise the industry mavens as well those who have has a bitter experience once.

Leave a Reply