Government collect huge tax from Home Buyers but indifferent towards their interest
I give you an example that how a genuine home buyer is cheated in home purchase deal despite paying legitimate registration fee, TDS, and government taxes. A friend of mine purchased a flat in Mantri Serene building in Goregaon from a company belongs to Sunil Mantri, a well known builder also happens to be a senior office bearer of national body of realty developers association. The bank who financed the deal obtained non encumbrance certificate through their legal counsel. The Registrar registered the flat in name of my friend after obtaining the hefty fees. Suddenly, my friend saw a notice of Bombay High Court pasted at his entrance signed by Official Liquidator appointed by high court stating that the property is under liquidation process. He almost life time saving to buy this flat, this notice shaken him up from top to the bottom. Fine, if this property was in dispute and High Court had appointed a liquidator, why on the first place this liquidator put a big board out side the building itself that the property is under dispute, and why the court did not inform the Registrar of Registration so that poor home buyer should not fall in the trap. This is not a isolated case. The government is aware about pre-launch offers of flat sale where no commencement certificate is issued. I can cite thousands of buildings which are completed, people occupied the flats but the Operational Certificate is not issued by competent authority, so the legality of staying in the building and legality of ownership is out of question.Why the Government make it mandatory for builders to sale flats only after obtaining Operational Certificate at the first place, most of the fraudulent deals can be arrested with this small proactive initiative on the part of Government.
It appears that the Maharashtra Government suddenly woken up and finally decided to appoint a housing regulator by March end. Hopefully, it may benefit not only the property buyers but also other stake holders in the housing industry.
With appointment of regulator, hopefully there will be greater accountability, at various level of approval activity and it ought to take consensus from the architect, contractor and developer. From last so many years, the housing industry faced issues relating to transparency, with the result the buyer feel cheated. Now with the appointment of regulator will not only increase accountability but but also mitigate risks and increase transparency by addressing consumer consumer grievances in a timely manner.
Complaints of developers and builders are also manifold. They need to apply for 46 different types of approvals from different agencies, why government should start single window clearance that too in a time bound manner. Presently a project is over delayed as proposal got stuck in any of the government department. Once the Regulator is in place, such issues would be sorted out easily.It is also true that in absence of any powerful regulatory mechanism, builders take liberty, make their own manipulative rules and robe the home buyers. They do not fulfil the promises made in their initial plan which is far different than the plan(s) originally shown to buyer. In case an arbitrating body is in place it will take care of buyers interests as well as bring credibility in the housing industry.
The similar initiative is also a need of hour in other states.
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| how long genuine home buyers will feel cheated ? |
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