Only 1 year Deadline Addition to Real Estate Projects
Everything has its end and if one is taking extra advantage of any leeway, then it is completely wrong. So to control things Government is taking different steps to make things transparent and create a healthy relationship between customers and builders.
Getting possession on time itself is a very big thing and a lot of builders fail to deliver projects on time where further residents or investors face immense trouble and unfortunately, they have no option, but to face this heedless behavior that has created full discomfort all over.
But kudos to the government who has taken quality steps in order to bring purity in Real Estate industry.
To resolve the scenario steps like RERA (Real Estate Regulatory Agency) to address problems like quality, possession, price, delays, 70 per cent of the amount from the project to be deposited in a separate bank a/c, so that it is not used for any wrong activity and more problems that are connected to Real estate and after that, even if the builders bankrupt anytime you will be covered and more such steps ensure that every activity that takes place in Real Estate should be transparent and healthy.
Now the Bombay high court bench of Justices Naresh Patil & R G Ketkar on Wednesday asked for any further extension beyond a year and the answer was no as Anil Singh, Solicitor General added that it cannot be extended as the builders will take extra benefit out of such leeway and control possession time and delays this is must step to take it seriously by the all the Indian builders.
In toto, these rules will truly boost the level of investment and in this running time, the demand for affordable homes is boosting where prominent builders like Tata Value Homes and Godrej Properties are making this affordable property all possible.
There is a fallacy that affordable property is less of material, idea or comfort; yes little things need to be out from it because only then it is possible to meet that affordable cost.
If investors or home buyers are planning to get a luxury property, then they can definitely plan because now there is no need to feel fret while investing your capital in a dream project as all steps are going to take place to improve every hurdle that a buyer faces while investing.
In the end, one every important tip that investment is not a simple play, you need to be very meticulous & attentive and follow tips to get right property, so that the result of investment is always satisfying, yes positive rules have been made to target the problem, but it is also your duty to educate yourself and then take a lucrative decision.