Home buyers empowered – An eye for an eye
Recovering from decades of being at the mercy of real estate developers, home buyers are now employing collective efforts in a bid to avoid getting duped. The recent Supertech and DLF cases, are just two such examples. Prior to this, real estate majors faced little resistance with respect to project activities. Home buyers are now employing the social-media route, in addition to existing legal measures, to counteract any discrepancy they might face in this regard. Investors now put forth detailed questions concerning housing projects, a radical change from the blind investment of earlier years.
The tipping point was the economic slowdown post 2008, when investment in real estate suffered. Builders resorted to cost-cutting measures, sometimes announcing projects even before the land acquisition process was initiated.
Experts believe it is advisable to increase one’s involvement in the process before signing on the dotted line. It is advisable to invest in properties where one can see action in progress.
Developers’ associations such as the Confederation of Real Estate Developers’ Associations of India (Credai) and the National Real Estate Development Council (Naredco) are raising awareness among users and helping them fight cases of fraud against developers. Some developers are also tackling the issue at the beginning, to avoid litigation.
In case the damage has been done, one can employ lawyers, or approach consumer courts. One must, however, maintain records of all transactions between the two parties. As a group, one must be aware of the grievances of fellow buyers before deciding on a course of action.
Source – The Financial Express
Confederation of Real Estate Developers of India, Confederation of Real Estate Developers' Association of India, mercy of real estate developers, National Real Estate Development Council, Supertech and DLF case
