"If you don't own a home, buy one. If you own a home, buy another one. If you own two homes, buy a third. And, lend your relatives the money to buy a home."
- John Paulson
Yes, buying your dream house gives you a sense of achieving something BIG in life. Unfortunately, unscrupulous builders come in the way of your dream.If you live in Bengaluru, you must have come across several cases of how builders cheat innocent buyers. Builders promise you a great apartment and show attractive advertisements. You pay the booking amount. When you get the apartment, you find the ceiling is leaking. You call the builder, but he doesn't care to respond.
Builders collect the booking amount for the same apartment from you and other citizens. Builders sell you a property which is under litigation. Buildings are constructed on land which is a lake bed, re-routing storm water drains (Rajkalve), so that the builder can easily make his construction....Remember, the flooding in Bengaluru last July.....The list is endless.
RERA, Real Estate (Regulation and Development) Act, 2016, had come into force on May 1st 2017. But, the Karnataka Government is delaying the implementation of RERA. Angry citizens have taken to the streets of Bengaluru, protesting the delay in the implementation of RERA.
Will the Government of Karnataka pay heed to these angry citizens? Let's find out. Want to know more on real estate? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Why Karnataka Must Not Delay RERA Implementation?
1. Homebuyers protest delay in RERA implementation
Homebuyers who have been cheated by unscrupulous builders and those who have not got possession of their apartments, have taken to the streets of Bengaluru in protest. The reason....Karnataka Government is delaying the implementation of RERA. No timeline has been specified regarding implementation of RERA.
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Remember, Karnataka was the first state to come out with draft RERA rules, way back in October 2016. So why the delay?
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2. Builders are putting pressure on the Government to stay out of RERA
In their time of need, unscrupulous builders always have someone to help them. Bureaucrats and Ministers are known to be hand in glove with powerful builders. Unscrupulous builders want powerful politicians to help them dilute RERA. You and other home buyers fear the Karnataka Government is delaying RERA, so that it can be diluted.
What builders in Karnataka want? Simple....Just follow the Uttar Pradesh Model. Builders want ongoing construction projects to be excluded from RERA. Is the Karnataka Government simply resorting to a delaying tactic to help unscrupulous builders?
3. RERA is bad news for fly-by-night operators
The Mangaluru Chapter of Confederation of Real Estate and Developers Association of India, (CREDAI), is a great supporter of RERA. RERA will instill trust in you and other citizens buying your dream home/apartment in the state of Karnataka. CREDAI believes RERA is good for both....Builders and buyers. What about the fly-by-night operators in the real estate industry? RERA says....There's no room for unscrupulous builders in the real estate industry.
What about unorganized players in real estate? RERA says...Get organized or perish. Many unorganized players resort to tactics, which have brought a bad name to real estate in Karnataka. It's time for fly-by-night operators to leave the real estate business.
RERA can be a super hit in Karnataka. All the Government has to do....Implement it. Government departments must be penalized for unaccountable delays. A time frame for clearances must be set. The builder cannot do much if permission for construction/other permits and licenses are delayed. For RERA to be a success in Karnataka, Government Departments have to play their part. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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