A plethora of real estate buyers are an unhappy and struggling lot. A slew of realty projects have been delayed not by months but by many years. Legal proceedings have gone on and on but no resolution whatsoever has been reached. But after massive and constant delays, there might finally be some much needed respite.
The in power and mighty government has decided to include the under construction realty projects under the purview of its highly anticipated real estate law. This move will force the hand of developers to finish the construction and offer the possession of its delayed projects to the otherwise hapless buyers. If implemented well, then a lot of customers will finally be able to breathe a sigh of relief however, shortage of funds with developers might end up playing spoilsports.
Real estate arena, all across the nation has witnessed plenty of realty projects where a whopping delay of 6-7 years has given sleepless nights to buyers. The interest of buyers has been taken on a ride. Buyers who are purchasing the property for end use are stuck with paying rent on one hand and hefty EMIs on the other. Most people in India can’t afford to do so and finally end up becoming financially unstable.
The all important Union Cabinet had provided its approval last week to some much needed amendments in the long pending real estate bill. One proposal which was accepted was to bring the work in progress realty projects under the bills ambit. Thus every project under construction will have to be compulsorily registered with the concerned authorities.
CREDAI which is the apex body of real estate developers in India has openly and widely criticized the move. CREDAI has cited a couple of major reasons for their opposition. Firstly, if the developers get stuck in the registration process then it will cause a further delay in the projects. Apart from this, if projects are included in the bill with retrospective effect then developers will face a severe fund crunch along with the lack of cutting edge technology required to complete projects in such a short span of time. Thus the whole purpose will be defeated.
But the real estate bill is about safeguarding buyers more than anything else and rightly so. The real estate regulatory bill is being hailed by many as an extraordinary move to bring about some much needed corporate governance and transparency in the sector. Real estate buyers will be protected from being taken on a ride by untrustworthy developers. The bill is all set to achieve its primary objectives of timely delivery, protecting buyer’s interests and ensuring fairness in realty transactions. Things are certainly going to change for the better.
In the meantime, if you want to protect yourself from getting stuck in a dead end project, then you should opt to consult real estate consultants instead. These real estate consultant’s have abundance of knowledge about projects and expertise in the given region. Thus seeking advice from a real estate consultant is a step you can take to safeguard yourself.