Browsing: Grievance Redressal

Consumer Connect Unfair Contract, RERA, Consumer Protection Act, Builder Buyer Agreement, Society Maintenance Agreement, India Real Estate News, Indian Realty News, Real Estate News India, Indian Property Market
Legal safeguards for home buyers against Unfair Contract

Isn’t it ironic that in a country where the number of unsold housing units is skyrocketing, the business of real estate continues to be a seller’s market? Contrary to the developers’ influence peddling that the housing market is by and large a buyer’s market now, the fact lies that the developers continue to take the buyers for a ride. The developers’ exploitative practices are not limited to the delay of the project, but also default in delivering the promised amenities, and, most glaringly, with one-sided unfair contract. Track2Realty explains the options before the home buyers. 

Consumer Connect Disclosure Standards, Real Estate Disclosure Standards, Real Estate Due Diligence, Escalation Clause, Price Escalation Clause, Uniform BBA, Builder Buyer Agreement, Advocate Nirmit Srivastav
Trust deficit in absence of disclosure standards & uniform contract

This is not a one-off stray incident of cheating in the housing market in this part of the world. Srikanth had a similar experience with the Gurugram-based developer when he wished to sell out his much-delayed under-construction property due to medical emergency in the family. The developer refused to transfer the property in the name of the new buyer. He instead offered him to buy back the said property at three years old price when Srikanth had booked the apartment. The choice for this harassed home buyer was to either forget about the appreciation or else get into a costly and lengthy litigation.

Consumer Connect Consumer Protection, Home Buyers' Rights, Real Estate Consumer Cases, Consumer Protection Act, NCDRC, Advocate Devesh Ratan
Will new rules on consumer commissions help home buyers?

Home buyers point out that it is not only lengthy litigation that defeats their cause but also the fact that the builder continues to challenge the orders of the District Commission in higher courts. Over and above that the builder can also file multiple false cases against the harassed home buyers. The home buyers hence demand that the way NCDRC admits the challenged judgment of the State Commissions on a case-to-case basis, the State Commissions should also adopt the same practice.

Consumer Connect Housing Foreclosure, Fiscal Stress, Housing Defaults, Property Market Distress, EMI Defaults, Coronavirus & Housing Defaults, Property EMI Defaults After Covid-19
How foreclosure could be mitigated in Coronavirus hit housing market?

The statistics are scary for any salaried class across the cities of India who has an EMI to pay for his home purchase. The Indian Chamber of Commerce has estimated that the real estate would be witness to 65% defaults from the buyers of under construction projects due to Coronavirus hit lockdown. The estimation is not without its logical reasons. A CII snap poll of the CEOs finds that 52 percent of the companies surveyed foresee job losses, in their respective sectors.

Consumer Connect Vendor Mangament, Supply chain, Real estate suppliers, Real estate developers not paying to suppliers, Nonpayment in real estate, No credit in real estate, India real estate news, Real estate news India, Indian realty news, Indian property market, Track2Media Research, Track2Realty
Time for quality third party audit in real estate?

A section of analysts maintain that it has been proved across the industries that quality audit by third party improves the product or services being offered if it has been implemented in right manner and objectives to improve the quality. As product or services gets improved in standard of quality at consistent basis then perceptions of customer towards the management also improves.

Consumer Connect Paras Downtown Square, Paras Tierea, Paras Seasons, Paras Irene, Paras Quartier, Paras Panorama, Fruads by paras, Cheating by Paras, Operation Paras Fraud, Worst builder of Noida, Worst builder of Delhi NCR, India real estate news, Indian realty news, Real estate news India, Indian property market news, Investment in property, Track2Realty
Paras Downtown Square buyers won against builder

Paras Buildtech has lost the maintenance and management of Paras Downtown Square, Zirakpur to the Association of the unit holders/shopowners, pursuant orders passed by Additional Chief Administrator, Greater Mohali Area Development Authority (GMADA). The Punjab and Haryana High Court has refused any interim relief to the builder against the order.

Consumer Connect Supertech Eco Village 1, Greater Noida West, Supertech Limited, Fraud by Supertech, Cheating by Supertech, Worst builder of Delhi NCR, Supertech threatens buyers, Buyers protest against Supertech, Worst property market of India, Firefighting failure by Supertech, Indias real estate news, Indian realty news, Real estate news India, Indian property market news, Investment in property, Investment in Greater Noida West, Track2Realty, Realty Facts, Realty Plus
Supertech disowns firefighting at Eco Village I; intimidates buyers

The memories of Uphaar Tragedy on the fateful day of 13thJune, 1997, that claimed the lives of 59 and injured over 100 people, have not faded from the public memory. But it seems the developers in this part of the word are not ready to learn any lessons. For them firefighting is a mandatory provision that just needs to be installed, irrespective of its functionality.

Consumer Connect RERA, Real Estate Regulatory Authority, RERA realities, RERA for homebuyers, RERA helping homebuyers, RERA changing Indian real estate, RERA compliance for real estate, India real estate news, Real estate news India, Indian property market, Track2Realty, Track2Media Research
Builders’ & buyers’ perspective differ after 1 year of RERA

RERA is one year old now and already the homebuyers are questioning the legislation, in the absence of any visible changes on the ground. The developers, on the contrary, feel RERA has already identified the challenges and hit the nail. Within the built environment the debate is inconclusive as to what extent RERA has brought in transparency and accountability and to what extent has it enhanced homebuyer confidence.

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