Some discussions about best practices in the Indian real estate has started because today the investors also do not want their money to be locked in an asset that is neither growing nor is likely to get delivered. Worse even, there is no authority or court in India that has been successful in getting a stalled project restarted or in forcing a bankrupt builder into selling his assets to compensate his allottees.
Second home market is a new phenomenon in urban India but has emerged as a sunrise market in cities like Mumbai. With the ever changing trends the demand for holiday homes has varied according to the consumer’s needs and tastes amongst various cities. Hence, there cannot be a one size fits all answer to the dilemma of location or affordability. For many a second home in India is housing which offers opulent living spaces and ultra-modern luxurious amenities; whereas for others it is a safe investment.
Ever seen a housing society where the residents constantly live with the fear of losing dignity, getting thrashed, basic services denied, being framed in the false criminal cases by the builder, and even threat to life? Welcome to Paras Tierea, Sector 137 Noida Expressway, where the instances of residents getting thrashed by the security guards and builder framing the residents in false criminal cases are a matter of builder’s convenience.
Developers operating in the redevelopment space are bullish that their area of specialisation does not have a saturation point or over-supply at any foreseeable future. Analysts believe the land crunch constraint that the city faces since many years can be solved only through massive redevelopment.
Amit Mohan Prasad has been alleged to ask for personal favours from a builder, Grih Pravesh Buildteck. Though Track2Realty does not either endorse or deny the allegations, the documents shown by the builder has clearly established clash of interest on part of the Noida Authority CEO, Amit Mohan Prasad.
Where is the growth corridor of Noida that could lead this market as another case study in attracting that kind of investment? The answer to this is not easy, not because of lack of a growth corridor but due to the problem of plenty. While the Atta Market of sector 18 continues to be its main Central Business District (CBD) even today, the emerging growth corridors are even better positioned to put Noida high on the radar of investors.
Affordable housing and Mumbai often sound to be quite contradictory. The peninsular city with limited land parcels and load on the infrastructure often makes an urban planner fumble for offering any sustainable solution. Critics hence dismiss the very idea of affordable housing in the city. In Mumbai the development and growth of affordable housing has also been facing significant challenges owing to a gamut of fiscal, regulatory and urban issues.
A closer look at some of the leading property markets of the country, like Mumbai, Pune, Chennai, Hyderabad and Bangalore, clearly suggest that the market is poised for an upswing in the next few years. More importantly, it is not just the analysts but also the home-buyers who are today; ready to bet high on the long term growth story of the property market in these leading cities.
Track2Realty explains how an aggrieved homebuyer can file complaint before the consumer court. Gaurav Gupta, a homebuyer, was subject to dual cheating when he bought the house. Not only was he forced to pay additional amount for no fault of his but also the apartment had serious construction and seepage issue. He finally filed a complaint with the National Consumer Disputes Redressal Commission (NCDRC).
ASSOCHAM has urged the Government, National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India to treat homebuyers in real estate projects at par, if not above banks in the pecking order, by providing a separate carve-out for those stuck in the incomplete construction, and any legal hurdle should be immediately removed, by a Presidential Ordinance, if need be.