Wednesday, December 2, 2015

Cheating in Sale deal Buyer _ builders- Real Estate

Cheating in Sale deal Buyer _ builders - Real Estate

#Real estate

as per Real estate bill - appropriate compensation mention or as prescribed  - what is the meaning of appropriate compensation
builder charging from buyer or investor 18 to 24 percentage for single day delay  so rules are not same from both side

Builder mentioning one sided penalty rule and no compensation mention for delay by them in this case they are playing

we urge to government of India same penalty for builder also as delay by them
bank intrest + penalty for delay 

Hiding facts and manipulation to gain profit

Sale deal format should be fix national wise and only down able from government online site. All buyer concern and clause should be fixed , penalty clause should be same for builders or Buyer , like if 18 % charges from customer /buyer for any delayed then Builder have to pay same 18 % for delay by builder by any reason, and in addition to above builder have to pay

Direct & indirect cost incurred by buyer due to delayed possession.

A 18% interest on the amounts paid till date in addition to per square feet compensation, in line with what he has made all of us pay.

B Rentals paid by flat owners during this delayed period.

C Potential rental revenue loss by the investors due to this delay.

D Bank interest paid by flat owners to the banks towards the home loan.

To stop Corruption and cheating in Sale deed by builder

Fix Heads Structure and streamline cost in all Builder /real estate
Online submit on government portal and same can be only use as for sale deed with all individual buyers. Viewable to everyone.
Bar coded and PAN / TIN Number linking.
Strict provision for builder to upload monthly bases of construction progress picture and until and construction activity going on they cannot send offer for possession and asked for final demand.

Government Initiative /Effort:

Real estate bill: All changes by Rajya Sabha panel accepted 

A major amendment is the proposed parity in the interest payable by allottee and developer in case of any default by either party

The committee said in its report: "The interest rate payable by the promoters as well as by allottees shall be same in eventuality of any default by either of them."

ET- 16 November 2015

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