Trapped by the Wrong Builder, What to Do Now?
Everything has its plus and minus because this way you get an idea about how to deal with it and when you know how to deal you know it better.
Likewise, investment in real estate is also an audacious step that is taken by all someday, but it is not mandatory that the result is also optimistic because there are builders in the market who mug off their customers and due to which they are trap into a bad investment situation, but as you know there is always a way to come out of it and here in this review will discuss about the smart steps to be taken if you are trapped by the wrong builder. I would also like to add one more thing; there are top Indian real estate builders whose presence in the real estate sector has shown really a positive picture and created that ray of hope where investors and home buyers can actually expect a happy investment.
Before expecting from someone else the first duty is to do yourself study because if you will educate yourself more you will get more knowledge about that particular thing.
Actually, there are umpteen of different factors to keep mind before investment and if you will study them hard and at least try to follow few of them, then also there are chances are you will not get trap.
Self Education is First
- Check the builder deep down and their past projects as well, so that you will get an idea about the builder and form some trust because if you can’t trust the builder you can’t consider them.
- Location is really important and if you will check your location perfectly with all basic facilities, then you will get a comfortable stay and your family will be able to run a feasible lifestyle. In addition to this, if you pick a well planned location the property will also get its good jump.
- Finding the best property in India is not really a daunting task, but yes for this, you need to pay more attention and grill the property completely, so that you know its in & out and make a plan whether you want to buy that property or not. Also, builder may promise you to give modern amenities, but later, they may deny, so in advance check everything.
These points are required when you are planning for investment in property and unfortunately, if you are trapped by the wrong builder, then you can follow 5 steps and deal with the situation nicely.
- RERA a Big Support
For any wrong activity there is always one head to rectify it and likewise RERA (Real Estate Regulatory Authority) is defined to tap all such bad activities in real estate where if the possession is not done of time, bad use of material to fool the customers, and more flimsy things take place, then this body helps you to come out of it.
For example, if the builder is not able to the deliver project on time, then buyer can withdraw its money from the project and is even entitled to receive the paid amount with its suitable interest.
So RERA is a backbone for all the customers who are unfortunately blocked in the wrong situation and a complete ray of hope. So next time if you plan for investment then you are liable to get RERA benefits
Before this builder used to use your capital to develop another project in the market, but know the situation is tough and different- it is compulsory to shift 70 per cent money in an escrow account and the money will be withdrawn according to the stage of the completion of the construction, so that the money is not used in any wrong work. So this way builder won’t be able to form another project because otherwise, they are not able to deliver their project on time.
Moreover, there is no risk investment because if any day builder goes bankrupt, then you will be paid, and this step is taken by the Insolvency & Bankruptcy Board of India (IBBI), so this way, it will secure your money. Also, now the buyer will only pay for the carpet area and not for the super built-up area, so along with this, there are more perks that you will enjoy under RERA.
- Keep Arbitration as your Option
So no matter what builder to pick whether it is DLF LTD, Vatika, Tata Housing, Godrej Properties, Adani Group and more, you always have this option of Arbitration where you can settle with the builder without going into court. If you think things are worst and you can’t solve it personally with the builder, then you can file a complaint because builder can’t impose you to go for Arbitration.
Also if you go for this, then it may take time up to 6 months to solve it, so you need to hold your horses.
- File a Criminal Complaint
Would not say that this is the last step to take, but according to your situation you can select your way of dealing with it, so this is also a strong option that you can consider. You are free to file a complaint under the provision of the Indian Penal Code for cheating or any wrong activity that has affected you because as the people of India we have a freedom to complaint against anything that is affecting.
So now such ease has really given a good hope in Indian real estate where home buyers and investors can invest their capital with no fear of becoming it a fiasco.
- Consumer Complaint is Also a Ray of Hope
To really make you understand- Under the Consumer Protection Act, the District Consumer Forum pays attention to those complaints where the price of the house the compensation is any, doesn’t exceed Rs 20 lakh, if it exceeds Rs 20 lakh but does not goes beyond Rs 1 crore, the complaints will be entertained under the State Consumer Commission and if it exceeds Rs 1 crore, then it will pass to the NCDRC.
If you will ask, when to take this step, then again I will add that according to the situation you have to watch it out and take decision accordingly.
- Civil Suit
If builder anyway is not able to reach its deadline, then you can simply file a civil suit and after this, action will be taken swiftly, but there is no set of time to promise when it going to be done.
So these 5 different options can really help you take some action against the false situation and which step will really work for you is really difficult to say, but after this support from the government one thing is clear that there will be fewer cases now because this has really created a fear in the builder’s mind where they try their level to the deliver project on time, use high quality material and not to take extra money from the customers and use it further for wrong activity.
This review is beneficial for both who are looking for a solution to come out of it and even for those who haven’t faced this situation and just want to educate them to know to deal if even trapped in real estate.
Besides this, if you are planning for investment in latest property in Gurgaon, then there are many properties that are gleaning a lot of attention because of its high level concept, secure location, reputed builder, international lifestyle and more.