In todays time purchasing home is big headache. 90% builder are sucker. End of the home deal customer is a victim. Government don't want to take any action on builder, because political people get huge funding from builder lobby. So be very careful is home deal with builders.
is there any jstification for high rates. just because share market is high the rates are high ? What a logic ? Is there any regulatory body to have ceiling on it. Middle level income group people cannot think of buying a property in Mumbai now !!!! Coz everyone in minitry is corrupt as they get their share what builders give them.
RE:High Rates
by prasannakumar bhat on Dec 05, 2007 12:14 AM
by 'the renegade', the scenario now is that there is too much black money circulating in the economy eg. benamy properties of politicians, businessman and corrupt bureaucrats who turn to real estate as investors and hold property. the demand is from investors and not from end users. please wait for rates to drop. ultimately these people have to sell... till then stay on rented flats and payout from your FD interest savings!!!
RE:High Rates
by gopalakrishna sagar narayana on Jan 07, 2008 06:23 PM
This won't(fall in prices)happen. Because as you have pointed out this sector is basically investor-driven market. The investor will hold on to the property till he gets his expected appreciation in value. If it is not happening, the owner can let out his flat/house and thus he cab still get a reasonable return on his investment. And you know, there are so many homeless people these days looking for a rented accommodation and one can easily find a tenent.
RE:High Rates
by pravin pillai on Aug 07, 2008 02:05 AM
There are Builders also who take loans from bank for the construction and have to repay the loan amount. Those builders will have to sell the flat if they are not being purchased. Investors don't buy 100% flats in a newly constructed building. Those flats owned by investors can be rented as an alternate but big investors generally don't look at small margins and always try to sell property at good rates. It is only the buyers or say demand which had increased the price of property.
Every sector (Stock market, Banking, Insurance, telecom...) has a regulator which are meant to protect the interests of the public and that unfair trade practices are not adapted.
I agree that land and revenue are state subjects. Why isnt every state forming legislations to setup a regulator? Are nt our politicians beyond the real estate lobby (read Deve Gowda, Om Prakash Chautala...)?
Its high time for a strong central regulator without whose approval no real estate project can be launched. We need a regulator like SEBI...Stop buying flats and filling the pockets of the builders...
I am staying in China now a days and the HDFC cleared the property. and they also chareged the Legal fees now listen to the facts 1 The HDFC ahs give loan and started all the deductions 2 I have the possesion 3 I have the possesion but the builder is not registering the hous on my name I feel cheated i call him many times he always gives me another date Now after investigations i have discovered that the building is yet to be transfered on the Builders name I have paid to Builder I am paying to HDFC i feel cheated from both what are options available to me
RE:Feel cheated by HDFC and Buiilder
by Girish Rao on Nov 25, 2007 09:11 AM
very little option. Before buying the property did you make legal verification of the property. Is it a reputed builder ?
RE:Feel cheated by HDFC and Buiilder
by prashant pisal on Dec 23, 2007 09:30 PM
Dear Friend, Pls approach to the "District Consumer Dispute Redressal Forum" in the area where you have purchased house. If any further help is require pls contact me at the following address.
RE:Feel cheated by HDFC and Buiilder
by manish chopra on Nov 25, 2007 09:37 AM
Thanks Mr Rao the property waS verified and eared by HDFC and then only did they handed over the Amount they have taken the Legal fees for the same
RE:RE:Feel cheated by HDFC and Buiilder
by Girish Rao on Nov 25, 2007 09:48 AM
private sector banks do not make proper verification. You should have verified it with some other lawyer. I too have faced this problem earlier. Banks approval does not mean anything. Real Estate industry is unregulated in India.
RE:Feel cheated by HDFC and Buiilder
by Nagesh on Nov 25, 2007 01:20 PM
Clearly HDFC did not do a proper verification of the asset before sanctioning the loan. Stop the EMI. HDFC will be forced to take the possession of the flat and auction the property to recover its money.
RE:Feel cheated by HDFC and Buiilder
by on Dec 03, 2007 04:13 PM
RE:Feel cheated by HDFC and Buiilder by Raja on Dec 3, 2007 13:40 Its true that stopping the EMI will wake the bank up and you should not be paying for an asset which is not legally yours.
Most Builders do not want to care and the banks are callous in their attitude when they approve a builder or project for loan eligibility without verifying the authenticity of all.
In the process, builder gets his money, banks will repossess the flat and take back their money but the ultimate sufferer is the buying person who has become a sucker having lost time in buying a place of his wishes at his affordable cost.
All over India all builders and the Land lords of the project should produce a certificate of guarantee that they are genuine project developers with all clearances including professional expertise, IT clearance Pan card, and Proof of address along with satisfaction certificates of previous ventures.
I know a group of masons and centering workers joining an Engr., young fresh graduate of Engg. joining hands with a land lord who does not know the credentials of the co- developers handling the construction, getting clearance of Municipal authorities , ICICI Bank.
No water supply due to the neighboring residents and poor drainage causing anxiety and risk of demolition of such constructions by the same authorities who have given the permissions and approvals%u2026..Taste of illegal money !!!!!!
Incomplete civil jobs etc., It is a monument of the failure of Civic authorities and Bankers who advance loans and make a fast buck along with the cunning operators. Any solutions ???... OR %u2026 are we just exerting our lungs only ?????????
RE:high time middle class mend their ways
by satya pal on Nov 25, 2007 06:40 AM
do not buy any flat with out the earth quake proof cerificate from structural engineer or builder,who can be sued later.all plumbing services shall be cerified by plumbing engineer not plumber and builder together.cerificate for soundness of plaster,brickwork and windows cerified by civil engineer.role of architect is limited to planning and shape of building.all rest of the jobs are related to impletation by engineers.in india such services have not come up.architect manages the completion certificate from local authority.look what happened in gujarat.architects are safe.no architect has been punished.contractors/builders shall be legally held responsible.do not purchase a house unless a builder issues a certiicate that following chartered enginners of respective field have checked the construction.degree holder engineer does not hold any professional certificate.the profession is totally irregulated.local municipality issues a registration certificate,which can be reissued any time.enginners profession is not regulated as chartered acoountants.govt.must play the role.no bank shall extend loan to builder unless he submits the proof that his work is supervised by experienced professional engineer.professional body gives the certificate after stipulated period of experience.some authorise agency shall also be negaged for material quality used for construction.regualr tests shall be conducted by private laboratory.his/her cetificate shall be must before bank issues the loan.non
