Malpractices by Real Estate Developers - Addl Inputs
Below are some of the key issues identified by you in regards to malpractices regarding commitment and deliveries by Real Estate Developers. Kindly review them and if you have additional inputs, please share.
We will then work on solutions seperately and put together a whitepaper so such malpractices can be minimized.
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. more
We will then work on solutions seperately and put together a whitepaper so such malpractices can be minimized.
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. more
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I understand a bill is now in parliament for a law that can put an end to malpractices. Any info more
Nov 26
I am in unison with comments of Hon'ble MR. Sankar Narayan Pillai that no law , as of now, is adequate to protect the rights and grievances of Real Estate Consumers. Not only private Real Estate Companies are to blame, even Government Departments deal roughly with Buyers. I have a bitter experience about a Government Real Estate Agency viz. West Bengal Housing Board. They promised to hand over flats within 9 months after getting full payment, failing which they committed to pay savings rate of interest on deposit money for the period of delay. But I had to wait for 3 years to get possession even after full payment and when claimed the promised interest they took plea of " Act of God" that Electricity was not provided to them by another agency West Bengal State Electricity Board which was beyond their control. On RTI application, I got information that they were failing in completion of civil, plumbing, sewerage work. Consumer Court also denied to entertain my claim on the ground that the value of the flat has escalated during the delay period and so I have been compensated by enjoying that higher market value. Now I want information from knowledgeable person about Supreme Court verdicts on this count. more
Nov 18
There is no mechanism now to curb the fraud committed by builder and their failure to comply the written commitments made by them. The Consumer Courts are giving some remedy but it is time consuming and inadequate.An effective law in the field in urgently needed. more
Nov 12
What to talk of deficiencies/ defects even the construction is delayed for years due to non obtaining clearances from concerned quarters and possession hampers for years in spite taking advance payments to the tune of 30 %or more. O P Garg Secretary, Patiala Consumers & Telephone Subscribers Forum, Mob 9814253623 E-Mail gargop@gmail.com more
Nov 12
