Consumer Grievances in Real Estate - Inputs on Issues
Thanks for submitting your vote on the poll about what industry has the most share of consumer grievances.
Let us initiate a discussion on the issues consumers face in the real estate. I request all of you to outline the various issues you have experienced/come across in this industry with developers, builders, authorities and any others.
Once we understand the issues, we will root cause them and identify solutions that can be taken to the various Ministries and Departments for implementation.
Our objective would be to bring some systemic changes that will increase accountability and reduce consumer grievances in the real estate industry.
I look forward to you inputs!
Rajendra Pratap Gupta more
I booked two bhk low rise floor in Dec'13 with lot of promised builder made to sell the property..But story is totally different when we received builder buyer agreement, they reduce the flat size, changes in billing slot, they remove lift which was promised in shared plan, agreement will enforce from date of signing NOT FROM DATE OF 1st PAYTMENT. (I have proof of said point & with builder buyer agreement copy).
The current agreement is just one sided, in current BBA there is nothing to safeguards for buyer who is putting hard earned money to get a roof on head.
We pay too much in rent but unable to show in account cause owner will never ever give their PAN numbers to get tax rebate.
Business/high income group never look-up these issue and lower group never buy a flats….Only middle class is get all penalties from govt to builder.
It is nightmare story… more
1.Every builder has its own builder-buyer Contract. this contract is HIGHLY BIASED in favor of the builder.
2.The delay in getting the Flat/building ready for hand-over by the builder to the buyer incurs, as of present, Rs5/- per sq.ft/per month. on what basis is this Rs5/- justified, NOBODY KNOWS.
3. The specifications of the Construction/finishing/Hardware is so open that the buyer is left with NO OPTIONS but to accept them.
4.there is NO MECHANISM wherein the buyer can put his grievances forward except the Courts , which UNFORTUNATELY is NOT a good and quick option.
5. since, the Courts take a LONG TIME to settle ( considering that the Builder can go upto the Supreme Court ) and by then PRICES of Alternatives become PROHIBITIVE. more
Everyone may have different experience. But the issues which consumer is facing directly or indirectly might be similar and after all consumer have to bear the expanses.
Points which consumer is facing directly or indirectly.
1) Land corruption. Now, ponds are converting to land. Corruption is there for converting the pond into land.
2) Corruption in supply of material (Syndicate raj). Syndicates are supplying below standard material. To check the quality of the building with other amenities as per approve drawing and specification proper stage inspection by appropriate authority is required.
3) Authorities & Developers (corruption in connection of water line, drainage water line, mutation)
4) Bank Loan. more