Dear residents,
The real estate regulation bill passed in RS recently is an outcome of the wrong way promoters has treated buyers and their money.
Needs more activities ( President's ascent and gezette notification by GOI)before it getting the shape of ACT. and implementations depends on every state government by establishing 'real estate regulatory authority'.
In any way one will find how much the promoters broadly take advantage of the money that they collectedfrom buyers and how short is the delivery commitments.
This act in the making 1)will plug the diversion of funds out of the related project, 2)committed delivery of the flats after getting water, sewage and electricity connections from concerned authorities,3) allowing association to function on completion of major portion of apartment booked. The date of obtaining Occupancy certificate will have no relevance for reckoning possession of flats by buyers; and a different date may prevail depending upon 'ready to occupy' for possession.
Buyers who are yet to take possession of ongoing properties (including Greenage) can insist on getting water/sewage and electricity connections citing the provisions if the Bill as reference.
Remedy for any violations can be redressed through the expected regulatory authority and further spelling authority instead of going through regular civil courts,as done by me and a few of our residents in respect of Greenage.
Salarpuria Sattva along with several other such promoters by their own anti customer practices with one sided agreements has forced government to enact this act.
Future buyers of Greenage apartments may benefit by this act.pressure will mount up for overall improvement of the practice by promoters nationwide in the days to come.
Happy living Greenagians
Sent from my iPad
The real estate regulation bill passed in RS recently is an outcome of the wrong way promoters has treated buyers and their money.
Needs more activities ( President's ascent and gezette notification by GOI)before it getting the shape of ACT. and implementations depends on every state government by establishing 'real estate regulatory authority'.
In any way one will find how much the promoters broadly take advantage of the money that they collectedfrom buyers and how short is the delivery commitments.
This act in the making 1)will plug the diversion of funds out of the related project, 2)committed delivery of the flats after getting water, sewage and electricity connections from concerned authorities,3) allowing association to function on completion of major portion of apartment booked. The date of obtaining Occupancy certificate will have no relevance for reckoning possession of flats by buyers; and a different date may prevail depending upon 'ready to occupy' for possession.
Buyers who are yet to take possession of ongoing properties (including Greenage) can insist on getting water/sewage and electricity connections citing the provisions if the Bill as reference.
Remedy for any violations can be redressed through the expected regulatory authority and further spelling authority instead of going through regular civil courts,as done by me and a few of our residents in respect of Greenage.
Salarpuria Sattva along with several other such promoters by their own anti customer practices with one sided agreements has forced government to enact this act.
Future buyers of Greenage apartments may benefit by this act.pressure will mount up for overall improvement of the practice by promoters nationwide in the days to come.
Happy living Greenagians
Sent from my iPad
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