Owning atleast a piece of realty is what everyone wishes
for. To make that dream come true many slog, save whatever they could or avail
a loan. This is why real estate business has seldom dipped since the year 2002.
Though many of the nationalised banks and private banks offer low interest
rates while taking home loans, they often miss to address the grievances
especially when the property developers fleece them. In this unregulated realty
market, property developers always have an upper hand over the home buyers as
they have already established a good rapport with the banks and their
personnel. Banks too act in favor of the developers as they provide them good
business and that too in a consistent manner. As an effect, housing and
property related complaints have risen in tandem with the rise in the number of
projects.
The reason for the rise in complaints are many. Let us look
at some of the common and major ones here. In most of the cases, the time taken
to complete housing project normally exceeds the agreed delivery date and by
that time the home buyer would have paid ninety percent of the value. If the
home buyer had been living in a rented property he would end up paying the rent
as well as the loan amount. In spite of all these hardships buyers remain calm
fearing harassmet, retribution and further delay in completing the project and fail
to make the builder hold responsible for his act.
There are instances
where property developers purposely forget to hand over the completion
certificate to the buyers especially if they had built structures deviating
from the original plan. Buyers may face lot of hassles without this completion
certificate. Without it, they will not be in a position to have their property
registered, obtain utility connections, sell, mortgage or even reverse mortgage
the property. They also have to live in the fear of getting their unapproved
portion bulldozed by municipal authorities, anytime. Quality of the structure
has always been a subject of controversy. Once entered into a agreement to
construct, builders often brush off their responsibility to construct a
structure of good quality. Many a time, buyers feel the heat once they have
occupied the building and feel cheated if the quality is compromised.
Instead of blaming
it all on the property promoters and developers, it is actually the
responsibility of the buyers to stay vigil. To avoid delays in delivery, they
should go visit the site of construction from time to time, check the situation
and act accordingly. If they feel that the quality is being compromised they
can always take up the issue with the legal department or the builder himself
and sort it out in an amicable manner. While making an agreement it is always
better to put down all the points in black and white to avoid confusion and
disappointments at a later date. Visiting the developer’s earlier projects and
speaking to their customers to know the actual situation will be of great help
to decide on whether to strike a deal with that particular developer or not.
Author bio: Sulabha is
a resident of Mumbai and has a penchant for all things bright and beautiful. A
known person among blogger circles, enjoys writing for IndiaProperty.com about realty
and has good information on Flats for sale in Thane
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