Track2Realty Exclusive: Green building is something that is being over marketed in the Indian real estate. However, while the serious developers have realized its benefits, including fast return on investments, consumers’ literacy on the benefits of paying extra for long term low-maintenance is relatively low.
Track2Realty-Agencies: The real estate regulatory bill that seeks to bring transparency and accountability in the realty sector will be introduced in the monsoon session of Parliament, a top government official said on Saturday, July 6.
Track2Realty Exclusive: With inventory piling up, interest on debt burden squeezing, all tried & tested marketing mantra failing flat and festive season hardly escalating sales drive; the realtors have suddenly woken up to the reality that their marketing format needs a makeover, if not completely to be thrown out of the window.
Track2Realty Exclusive: Signs of consumer activism backfiring have already started appearing. For instance, visibly upset with the increasing instances of protests by Noida Extension home buyers, which often obstruct traffic and law and order arrangements in the city, the district administration in November, 2012, asked the buyers’ association to not to protest in groups.
Track2Realty: With the dark cloud of LBT (Local Body Tax) hanging ominously over their heads, developers in Navi Mumbai joined forces to form a new body called Federation of Housing Industry Associations (FOHIA) and fight against the imposition of the new tax.
Track2Realty Exclusive: When the issue of Maharashtra Government levying 5 per cent Value-Added Tax (VAT) surfaced and the MCHI-CREDAI and a couple of other developers’ and trade associations moved to the court, a consumer group called FORAM–Flat Owners’ Rights protection Action committee in Maharashtra – was formed with consumer interest groups coming together and seeking to fight the vexed VAT issue on flats in Maharashtra.
Track2Realty Exclusive: In Noida Extension buyers took to streets against the developers for allegedly using all available options to ensure that the original set of buyers were divested of their flats, which could then be resold at a higher rate. In a majority of the cases, the consumers were faced with a Hobson’s choice.
Track2Realty Exclusive: Cause of the dissatisfied home buyers may be legitimate, ways to get means may not be. Home buyers overt activism, often to the extent of blackmailing the builders, taking to the streets and media trial before even the case is filed in the court has not gone down well with the system. So much so that even Competition Commission of India (CCI) has become careful in its order to investigate the frivolous complaints against the developers.
Track2Realty: CREDAI has raised apprehensions that the the Real Estate Regulatory Bill approved by the Union Cabinet CREDAI has expressed fear that it could encourage corruption instead of curtailing the social menace.
Track2Realty: The Cabinet on Tuesday, June 4, cleared the Real Estate (Regulation and Development) Draft Bill, aimed at organising and monitoring the sector.