Customer is the King in Real Estate

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Customer is the King in Real Estate ?September 7,
2017 ?Real Estate ?Customer is the King in Real
Estate, Customer King in Real Estate, King in
Real Estate, Stabilize housing prices, Will
builders be benefited ?Favista Admin
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Like Page Like 0 Do you plan to buy a house?
With the Real Estate Regulation and Development
Act, the home buyers are getting benefited and
there is a complete reshape that can be seen in
the real estate sector. The act aims to put the
real estate bullies to an end and make the
customers the real kings. Here is how it benefits
the buyers No unnecessary penalties
The developers generally keep uneven penalties in
their agreement. If there is a delay from
developers side, they either dont really
mention any penalty that they will provide to the
home buyer or keep it as low as only one or two
percent in a year. At the same time, the penalty
for the delay from buyers ranges between 1824.
Even the national consumer court has taken grasp
of such disparity in the penalties, in some cases
as the buyers have filed against the developers
in the National Capital Region.
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RERA has put an end to all such practices. It has
standardized and nicely defined the interest
rate that both the parties would get in case of
any delays. It is kept at 2 above the State
Bank of Indias Marginal Cost Lending Rate.
Presently, it is 11.05.
No fake promises
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Developers generally show one sanctioned plan to
the home buyer and the buyers pay as per the
plan that is shown to them. Later, the plan is
changed by the developer. He might end up
reducing the area, change the configurations, and
change some amenities and so on.
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Numerous buyers end up with the lower area than
the one they have paid for or found that some of
the promised amenities are missing when the
project is actually delivered. Generally, the
developer blames the government agencies for all
the changes and easily gets away with it.
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But now, the developer will have to report every
time he makes changes to the original plan and
provide a fresh deadline for projects completion
after the changes. Also, he will have to declare
the complete amount that has been collected from
the home buyers and the amount that is being
used. All this needs to be certified by an
architect, an engineer and a practicing
chartered accountant. With the public record, the
home buyers can easily take a developer to task
and claim the refund on the basis of the changes
made.
Even when registering the project with any
regulator, the developer needs to submit genuine
copy of the PAN card, balance sheet, annual
report having audited profit and loss account,
cash flow statement and the auditors report of
promoter for immediate 3 continuous years,
genuine copy of legal title deed, a copy of the
collaboration agreement if promoter is not owner
of the land or plot. Also, the promoter has to
declare the information regarding a number of
open and closed parking areas in the
project. 20h Transparency and accountability
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The bill makes it compulsory for all the
residential and commercial real estate projects
where land is more than 500 square meter or
eight apartments need to register with the
regulator before launching any project. By
making registration of project necessary with
regulatory authority, the bill basically aims to
give better transparency in the project execution
and marketing. Failure to do so will have a
penalty which can be up to 10 of the complete
cost of the project and a repeated offense could
land the developer in jail.
The buyers dont have to rely completely on the
words of the developer on the progress of
construction. Potential home buyers can look at
the progress of project before buying an
apartment there. The act basically requires the
developers to make a complete host of
information public as well as report quarterly
progress on the project. Also, within 15 days of
quarter ending, developer will have to report
information regarding the numbers and type of
plots or apartments, status of project, garages
booked with photographs floorwise, construction
status and common areas with photographs, status
of the approval received and expected date of
receipt, modifications in the sanctioned plans
(if any) and specifications that are approved by
competent authority.
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Nowadays, common practices among the developers
are to raise money from the home buyers for one
project but not use to complete that one.
Moreover, money is diverted to use the purchased
land which would enable them to launch another
project and raise some more money from new home
buyers. Now, the developers, however, will have
to put 70 of the money collected from the home
buyer in a different account to meet the cost of
construction of the project. The states can
increase the ceiling but certainly cannot lower
it. This will make sure that the construction is
completed on time.
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Disputes resolution If there is any dispute, the
home buyer can make an appeal to Real Estate
Appellate Tribunal by paying fees of Rs 5,000
and for every complaint made to the regulator,
the fee is Rs 1,000. Real estate appellate
tribunals require adjudicating cases in 60 days
as against 90 days in the previous proposal. The
Regulatory Authorities will have to dispose of
the complaints in 60 days while there is no time
limit that was indicated earlier. Stabilize
housing prices As per the government, the bill
will bring muchneeded confidence that would
infuse more investment and in return, stabilize
the prices of homes. Will builders be
benefited? Of course, yes. In case any allottee
does not pay the dues on time, there will be a
penalty that will be imposed on him/her. The
builder will have the chance to approach the
regulator in case there are issues with the
buyer.
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The act has hailed as a landmark piece of the
legislation for the regulating the real estate
sector. While the act does execute onerous as
well as time bound obligation on the promoters,
it seems that act is retribution on the
promoters for the obvious abuse of the power in
the past. On one hand, the rights of the
customers are intended to be protected by
bringing in a fair play, standardization of the
best practices, and establishment of efficient
complaint redressal mechanism. On the other hand,
the government intends to encourage FDI (foreign
direct investment) into the development sector.
The effective implementation of the act brings
in accountability and transparency in the real
estate sector.
About Favista Admin Sanjit is working with
Favista real estate since last 2 years as digital
marketing manager. View all posts by Favista
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