A few days ago I was visiting some sites about builders fraud........ I thought this may be helpful for one and all Indian who put their hard earned money to a dream (home) and get trapped in. I will be bringing you discussions which are solely not only my composition but definitely helpful for everybody. Read and comment -
Everybody wants a piece of real estate. The sector has been growing at 25-30 per cent a year since 2003, fired primarily by low interest on housing loans and the rising affluence of homebuyers. Those who had bought stocks of real estate companies, whose valuations have gone through the roof, are a happy lot. However, the same cannot necessarily be said of scores of financially and emotionally bleeding homebuyers. The developers play lord and master to middle-income individuals, who often live like monks to fulfil their dream of owning a house.
Most sale agreements are heavily loaded in favour of builders in the currently unregulated market.This disillusionment is reflected in the rise in the number of complaints that has accompanied the growth of the sector. In the first 25 days of August 2007, the Delhi-based National Consumer Helpline, a consumers' body, received 33 housing-related complaints. The Consumer Guidance Society of India (CGSI), Mumbai, says it gets two-three cases a day. In this scenario, what chance do you have of safeguarding your interests as a buyer?In 1993, the Supreme Court ruled in favour of M.K. Gupta in his case against the Lucknow Development Authority for not delivering his flat on time. This landmark judgment brought housing construction under the purview of the Consumer Protection Act, 1986. This, however, hasn't done much to change the unscrupulous ways of builders. Owing to the bonhomie between developers, the authorities and the contractors, projects get sanctioned easily but the quality of construction goes unquestioned.
Supreme Court advocate C.M. Srikumar says: "Even in cooperative societies, the contractor, the architect and the office-bearers of the society dupe the public." Rahul Todi, managing director, Bengal Shrachi Housing Development, says: "Unlike other consumer products, here we sell a concept first. If there is a gap between expectation and reality, then we are not doing our job properly."What are the most common games that developers play? Here are eight common tricks and ways in which you can guard against them.
. When do I get my house?
Where are my papers?
What's the guarantee of quality?
What else do I pay for? How big is house?
What's the carpet area?
Will I get a well-managed property?
Read further for full explanation of the tricks
Thanks & Regards
Suman
