Inputs on Solutions to Real Estate Malpractices
We will then summarize the whitepaper along with any ratings submitted by you under:
Real Estate Developers – Malpractices w.r.t. commitment and deliveries
1. There is a big difference in what the builders commit and what they deliver
2. They make false commitments about the layout of the project
3. Apartments are mostly never delivered on time
4. They keep postponing the possession date
5. The fittings inside the apartment are not of the quality promised while selling
6. Real estate developers raise a lot of money in ‘pre-booking’ and invest this money to buy more land instead of completing the project
7. Some builders do not provided facilities like swimming pool, jogging track, entry gate, generator etc. as committed in the brochure
8. Many flat areas do not conform to the drawings
9. Though Supreme Court has banned sale of parking place by the builder, they still sell parking place to their customers
10. Though as per law builder is supposed to mention Carpet Area in Sale deed usually Built-up Area is mentioned & the cost of a flat is calculated on Super Built-up Area
11. In majority of the cases actual carpet area is less than what was promised in the contract
12. Many builders increase the rates after the buyer has purchased the flat and force them to pay extra
13. In most of the one sided agreements, the builders keep the rights for the roof with them and then they add more floors later
14. Some builders start demanding the construction linked instalments even when the construction is non-existent
15. Builders charge escalation charges due to increase in cost of material, increase in built up area etc. more
- Sr. No.9. the cost of a flat is calculated by loading (in some areas upto 40%) and recovered on Super Built-up Area , which include flower beds area , car parking area and terrace area of the building and builder sell parking place to their customers and use terrace area for won private use.
-Some builders have collected VAT & Service Tax from their customers but not paid the same to Government or paid back to customers.
-In final agreement flower bed area is shown separately, however the cost of the same in being charges at the same rate of the flat rate.
-Drawings of conceal connections - of water, electricity and telephone/TV cabal fitting are not provided, due to this any addition and modification get difficult. more