Regulation of the construction is long overdue in this country. There is a deep-rooted nexus between builders, civic officials and politicians enabling the loot of the salaried class. The banks are also enablers of this loot since they benefit from the loans that people have to take to provide shelter to their families. In this game the builders operate like the mafia and they are a mafia.
RE:Regulation of Construction industry needed
by Antony Kuriakose on Nov 18, 2007 09:03 AM
Absolutely right! Politicians (law makers!) are least bothered to pass necessary bills to prevent large scale cheating by builders, because more often these guys are either binamy builders or paid off by builders. Like in telecommunications and stock markets, there should be a regulatory authority to protect the investors.
RE:all marwaris and gujaratis and jains are born thieves
by Tilagan on Nov 18, 2007 03:17 AM
Exactly True....Same culture they are spreading across US and around world
Untill Nexus between builder and Politician.. by
ktvreddy on Nov 18, 2007 01:46 AM | Hide replies | Hide message
Untill Nexus between builder and Politician. are broen,Unscrupulos builders are going to b e there and wil make merry.In India,property proce V/S avergae per capital income is oneof the highest in the world.Althoygh average take home salaary on rise,but property pescalation is out of the range per capital income This is all manupulations by politicals and underworld mafia.We have now stable growth rate and property supply is well beyond needs still property are rising.This is not sustaianbale and US like crash may be happening soon.But them individual builder will be saved by there unscrupulous prctices and individal byers would loose money for sure.
even in small town like satara and niashik,where 10000 salary is counted high incoe,rokade ganag and his goons are selling inferior qulaity unauthrised buidling for couple of milions rupees..no tax to pay as most of money is black and revoevry done by goons..no papers ever tobe done and there you go..income shown as agriculturtal lands and that is it.
Indian proiperty marjket heading for US style rash unless regulated but all politican are happy with that way..so cycle may keep going..
I bought a flat last year in Navi-Mumbai from "Trust Builder" (name changed). Since this was the first time that I bought a flat, and I being from an other state can"t understand Marati, builder took full advantage. Along with the "Agreement for sale" he (builder"s employee, who has a power of attorney of the builder) took my signature on some more stamp papers. When signing those papers, I thought they are all compulsory and I will get a copy for reference later after the registration is done. But NO... this guy didnot give the papers for one week, and one week later he gave a copy of it (he directly submitted the original in the bank for a loan). When I saw the copy, I immediately came to know that he took my signature on many more papers and atleast one of them was a stamp paper. On the day of signing those papers, he was turning the pages and I signed them all without checking what is written in them. He took signatures on some empty registration forms also. I donot know what they are. When I asked him about those papers, he simply denied having taken my signature on any other papers. Fearing retribution and harassment in giving the posession of the flat, I had to keep quite. I got the posession of the flat, but the fact that he took my signatures on some papers was nagging me all the time. I couldnot sleep properly for many days. I finally decided to sell it off. Builder himself found a party and took 3L comission for the sale. But I still feel that something is wrong.
RE:Some builders are cheats... Be aware guys........
by on Nov 18, 2007 12:32 AM
My advice to all who want to buy flats in Mumbai is to check thoroughly what you are signing, and take two people you know when you go to registration office., and always put date below your signature.
RE:RE:Some builders are cheats... Be aware guys........
by Raj on Nov 18, 2007 11:27 AM
Mr. On: You are great guy to criticise him. He is trying to give advice to you and all to be cautious while signing papers. confessing his mistakes and giving such advices needs lot of courage. Do not unnecessarily criticise like this.
Yes, definitely, it is very good article. Since last 6 years, we were trying to get this subject certificate, which the builder must hv handed over to the society, still the same is pending. Actually, in this regards, we spoke to the builder also but in vain. Can anyone help me out to whome should we (our society) approch in this case as the builder is giving only false promises since last 6 years. It is high time now to get the cc. Although, our society is having a good connections of Water, Electricity etc., Pls help us.
why doesnt the government make it mandatory to have a model sale agreement that is duly approved by the authorities,why give builders a chance to have agreement favouring them at the expense of the poor buyer
The entire buyer community is cheated....one way or other...no regulations ..no control.....
The article fails to mention that in most of cases the bulider dont make coop society and transfer the ownership....just to keep control on land and hoping for additional FSI or loading TDR....
This is a very good article and rediff and other websites should do what ever is possible to spread awareness among the Prospective Home Buyers.After all we are the Customers to the builders and they earn their living because of the home buyers we shouldnt let them dominate us like this.The Government should seriously think of putting up a regulatory body which should mediate and shouldnot approve a sale of property if the rates and the terms and conditions are not fair to the Buyer.
RE:The Builders should be forced into Fair Business
by Wilfred DSILVA on Nov 17, 2007 05:46 AM
U R CORRECT REDIFF HAS BROUGHT ABOUT A GOOD ARTICLE THE COURTS IN MANY INSTANCES HAVE SUPPORTED OR FAVOURED THE BUYER BUT the penalty to the builder is a VERY VERY NEGLIGIBLE sum so all in all the purchaser is still the loser and the builder will continue his nonsense Solution instead of Rs 5000 fine, it should be 5 lacs then seee the change just as the traffic police have started imprisoning drunck drivers in mumbai the menace has almost stopped Wake up you JUDGES and be with the times May good sens prevail w dsilva
