A perception has gained ground that the NRIs (Non Resident Indians) losing jobs in the US and other parts of the world have no choice but to land back home and invest in India’s housing market. The ground reality, however, is that these expat Indians don’t think this is a logical conclusion, finds a global survey by Track2Realty.
The transition of the real estate market has changed the dynamics of the sector completely. After the advent, multiple policies and regulation of the real estate industry has seen a paradigm shift with systemic checks and streamlined process.
Delivery delays, mismatch in area, changes in structure or designs in a project and developers going back on other promises have been quite common. These issues have given rise to consumer activism, in courts and outside. The Competition Commission of India (CCI) slapping a fine of INR 630 crore on DLF gave some hope to the buyers.
With about 10 million sq ft (0.9 million sq m) of office leasing in Q3, gross absorption totalled around 28.9 million sq ft (2.7 million sq m) over the first nine months.
LOGOS India, a partnership between LOGOS Group and Assetz Property Group announced in August 2017, has identified a strong pipeline of opportunities across the key logistics hubs of Mumbai, Pune, Chennai, the National Capital Region (NCR), Bangalore, Hyderabad and Ahmedabad to meet the increasing demand for modern facilities.
Contrary to the general perception that the eco system is getting tougher for the builders due to home buyers’ activism, vigilante media and judicial intervention, the facts suggest that the developers have been given too long ropes to cross the bridge over the buyers’ interests. As a matter of fact, there are many instances of amnesty to the developers in the last few years.
The industry body Confederation of Real Estate Developers’ Association of India (CREDAI) has thus far failed to act against the erring builders. They had only been vocal with a resolve to suspend the members who have repeatedly gone back on promises to buyers.
Real estate industry in our nation has always been in question due to prevailing autonomous rules and guidelines of every developer. There is an immediate need of a governing body which can address all such concerns of the sector. Government of India at national level has already introduced RERA which will address all these concerns.
The residents of a housing society, Supertech Emerald Court, in Noida were taken aback one fine morning when they found the office of facility management locked. The builder had left the maintenance overnight after having tussle with the Residents’ Welfare Association (RWA) for quite some time over the maintenance, or rather the lack of it. The residents alleged that the builder had left them in the lurch as it was not a proper handover of maintenance to the RWA.
Coercing the buyers at the project Victoryone Central in Noida Extension to pay arbitrary demands, the builder is flouting all business ethics, established market norms and his own one-sided Builder Buyer Agreement (BBA).