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Real Estate Bill to be passed in the Budget Session, is it Customer Friendly?

Posted by Margproperties I 25 March, 2013 archives 

Real estate regulator

 

Real estate issues for home buyers:

It is has been a long and winding road for buyers. To buy their dream home, home buyers work their bone out.  In present scenario, they are forced to strike a deal with the developers; putting their money at risk and paying exorbitant price for buying sweet home. But the pain does not end there; delay in project, deviations in the proposed plan, poor quality of material used is a real mental agony. Finally, a home buyer ends up living in a house with an adjusted mindset and cramped space; just to see his dream house vanish in thin air. There is no such thing called dream house  until he is satisfied, when he actually lives in the bought house at peace.

 

There is no real guy to tame the horse called real estate; and real estate regulatory will be that one guy who can straighten things up for the all home buyers. The government is planning to put up the real estate bill for resolutions which has been pending since 2009. It seems that government is in a hurry with a general election in 2014. Better for home buyers; if the bill is passed in the current session. The real estate regulation bill proposes to create a regulatory authority which will monitor all the real estate activities. The proposed regulator will make it mandatory for all the real estate developers to launch the projects only after getting all the clearances for those particular projects from the relevant authority.  To make it transparent all the clearance will be displayed in the developer’s website.

 

It is good news indeed for the home buyers who make lot of sacrifices to own a house and feel safe.  This will address the major concerns of fraudulent acquisitions and pending clearances.

Carpet Area:

Some developers don’t talk about the carpet area and hide it under their carpet. They mislead the buyers and confuse them by using the term like, super built up area.  This bill makes it mandatory to specify carpet and developers cannot sell a house using the term super area

If the bill is passed, then real estate owners cannot advertise a project before getting all the actual clearances to boost up his project image. Moreover the developers cannot collect any

money before getting all the clearances. It will be a big relief for home buyers who have to churn out cash even before seeing the project go live. It will definitely reduce the mental stress substantially.

Some developers use the projects done abroad as advertisement tool for local housing projects. This cannot be done any more.

The bigger picture is that it will increase transparency and accountability which has been found wanting for so long time. The buyers will start to know and understand better real estate terminology and clearances needed for their home. Awareness is the key point here.

Home buyers need to welcome the real estate bill with open arms

Do you think these measures will bring change; drop your comment

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