Unscrupulous builders to face the wrath of the government soon
The Government is keen on introducing the Real Estate Development Regulatory Bill in the winter session of the Parliament. This bill is expected to bring some relief to the home buyers who are taken for a ride by the real estate developers.
The Government is set to crack the whip on unscrupulous builders who put the consumers in trouble by not delivering on their promises. This bill will be one such crackdown on these builders. The Union Minister for Urban Development and Parliamentary Affairs M. Venkaiah Naidu today said the bill was under the active consideration of the government. The ministry is in consultation with all the stakeholders including the bodies such the Confederation of Real Estate Developers’ Associations of India (CREDAI).
Naidu also stated that some builders, engaged in developing private layouts and constructing townships, were escaping their responsibility of providing promised facilities such as sewage treatment plants. Most of the small developers lure the buyers in the pre-launch offers by stating that they will construct a swimming pool, gym, super markets and later on while giving the possession of the flats state that those amenities will be delayed.
The home buyers since are under the pressure of EMI and rent often take the possession without the amenities and later suffer as the developers often do not construct them at all or delay the construction of the amenities.
Source- The Hindu Business Line
Builders, Confederation of Real Estate Developers' Associations of India, CREDAI, M Venkaiah Naidu, pre-launch offers, Real Estate Development Regulatory Bill
