We all know here how big a hole was created by banks in concert with mutual funds in USA, their banks do not have the ability to stand on their feet today because of real estate, once we allow real estate investment trust (REIT) and real estate mutual funds (REMF), they will first sell the loans to people who cannot afford and then sell the risk to investors as units of mutual fund and will laugh on their way to becoming billionaires that is how it played out in US. Do not play this wicked game here, let house be a house for the people to live happily, do not make it a business.
If you buy an apartment in NCR, no matter who the builder is, apartment won't be in a situation in about 10 years where you would like to live because quality of construction is so bad, seepage is very common. In most of the apartment, maintenance is very bad. Once all apartments are sold, builder has no interest left. You can't go to court since it takes decades to decide on any case, builders have deep pockets, they have lawyers on their payroll who get paid to postpone/delay the court hearings as much as possible. There is no regulation about covered area/super area ratio. It is complete loot. But what can one do, you need some place to live :)
Indian Govt both at the centre and state and the Muncipalities are just too corrupt for any gneuine investor to come in. The fact that millions stay in slums is due to artificaial scarcity and the bribe taking muncipalities stamp office and the local politicianls who take huge sums failing which construction will be stalled
Be carefull when you buy property from CIDCO, CIDCO has a habit of cheating/playing fraud on buyers by manipulating the area. For example a 1000 sq feet carpet Module will be sold as 2000 sq feet in 1998 and as 1300 sq feet in 2004 all on the whims and fancies of the CIDCO.
Govt. of Maharashtra has floated CIDCO (City Industrial Development Corporation) A State Govt. undertaking which is the most Corrupt undertaking of the Govt.of Maharashtra. Instead of being a agency for providing housing to the middle and lower class at reasonable rates it encourages price escalation for the benefit of few builders and Bureaucrats.
Some of the Shady Deals of CIDCO include
Allotment of land under the 12.5% scheme to fictitious Companies,polictians.
Change of reservation of plots for commercial use
Systematic Destruction Of mangroves and reclaiming land and blatant violation of CRZ Rules.
Railway Station Complex Scam The station complex Built By CIDCO at Nerul , Vashi, CBD. The commercial areas was sold in the open market as Built up arae=carpet area ( 95-150 ) % loading in 96-98 at higher rates. In the year 2004 The same commercial premises were sold as built up raea=carpet area 30% Loading to friends and relatives and front men Mktg dept of CIDCO at a discounted price. Imagine built up area of two adjacent offices of same area are different.
Extra FSI to CIDCO directors Housing Society Prathamesh society where the Directors of CIDCO was allotted
