Today, this owning a dream house is a burning issue between the real estate developer and the consumer. Cities like Noida, Gurgaon, and Faridabad are facing a great amount of stress in the real estate market. The buyers are running from pillars to the pole to get the solution. The dream home in which buyers have invested their hard earned money has still not delivered. For that, they are reaching to the consumer court or seeking politician’s help. Promises have been made but nothing has changed.
Pramod Minocha, Buyer, President, Greater Faridabad Welfare Association (GFWA) talks about the current property scenario and the solution available in the market. According to him the problems GFWA has faced are: 1. Project undelivered, 2. Project finished but the quality is very poor 3. Project delivered but there’re infrastructural problems. In Delhi NCR there are more than 2 lakhs people without their dream home and they already have given 80% of their money to their developers. Team Realtymyths had an insightful session with Mr. Minocha, here are the excerpts:
What is the solution rather than seeking option?
The problems act as a loophole between builders, administration, and politician. A collective action is required, we all need to agitate the industry together. But the maximum consumers are from lower middle class or working class so they cannot sit for a strike for 50 days. The agitation may get a platform but there’s no solution to it.
Can the buyers come together to form a community and build their own property? Can this be a good solution?
This would be the last solution! But there must be administration or political pressure for the same. In most of the cases even after making 80% of the payment 50% of work still left to do like- setting-up fire extinguishers, lift and other basics. The builders escalate the project by 30 -35% by giving it to buyers and build it again. Like this, the buyers are not left with any other option.
Taking the legal route, there is one option, the consumer court. But in a country like India, it usually takes 3-5 years to resolve an issue. However the result may come up with monetary compensation but the main problem remains unanswered, NO HOUSE. Everywhere it’s the same condition be it Jaypee, AMRAPALI or others.
The dream to have a dream house somewhere trapped between the compensation and interest! Is there’s any solution to it?
The solution is RERA. But the problem is, that different states want their own version and diluting the act by molding in favour of builders. According to our Vice President Mr. Venkaiah Naidu, even before complete enforcement of the Act states have already started adulterating it. Diluted clauses are: 1. Fund transfer from one account to another, 2. existing undelivered project.
The confusion of consumers work as in favour of builders. The consumer’s requirement is house and if they get that ONE solution why will they seek for other option?