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Real estate: Ask For Agreement's Draft Copy While Booking PropertyBy sakshi sinha, Section Noida Real Estate Property
Last year, a group of buyers formed the Unitech Grande Buyers Association against Unitech for its project in Noida. The project which was launched in July 2007 on a 347-acre plot was positioned as an ultra- luxurious project in the National Capital Region (NCR). However, even after two years of the project's launch, no construction had started. This is when the association came together to file a case against the developer in the consumer court as well as a criminal case with the Economic Offences Wing of the Delhi Police.
This may be just one case in point. But since the global slowdown, a number of projects by developers across cities did not meet their delivery deadlines. While in some cases, the developers themselves owned up to the responsibility, in others consumers had to find ways to get justice. In such a situation, a buyer has only few options left and experts suggest that in these times, one should be careful right at the time of signing the agreement with the developer. Global real estate consultancy Jones Lang LaSalle Meghraj (JLLM) says that most consumer complaints can be brought to the notice of the National Consumer Disputes Redressal Commission in the capital. However, complaints involving costs and compensation of over `20 lakh and below `1 crore can be filed at the State Consumer Disputes Redressal Commission. While some buyers have won cases against developers and got their refund with interest, most who face such problems refrain from complaining. "They try and settle it out of court. Court matters usually take some time so people try to avoid litigation," says Saroj Jha, partner, SRGR Law Offices. Source: The Economics Times By Neha Dewan & Ravi Teja Sharma Real estate: Ask for agreement's draft copy while booking property Click On "Full Story" For More....
There are some associations such as The Confederation of Real Estate Developers Associations of India, which have Consumer Redressal Forums in three states. Lalit Kumar Jain, vice president of the developers' association says that the forum is currently active in Maharashtra, Karnataka and Tamil Nadu. "A team of three senior non-controversial developers in each city are appointed on the forum. The complaints are forwarded to the forum and both parties are called in for hearing. Within two-three hearings, the matter is sorted out amicably."
Jain claims that at least 95% of the complaints that they get are resolved. Majority of the issues, he says, arise out of the gap between expectation and delivery as well as ego tussles. But why would developers comply? "It's a faster way to resolve the issue and both the parties can be happy. Also due to peer pressure, the matter mostly finds a solution. The developer does not want to be seen as unreasonable by his own colleagues," adds Jain. The developers' association now plans to extend this forum soon to other states as well so that it can get recognition by the government under one structure.
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