Over the years, Bangalore has emerged into a matured residential market with surging employment opportunities and prominent IT parks, however, the consistent influx of fraud developers and builders has marred the real estate market of the city significantly. In a move to save Bangalore from heading for a fall, the Karnataka government has recently introduced a new provision to curb such activities and promote real estate growth in the city.
The proposed provision is likely to save the skin of the landowners and buyers who purchase sites from different housing cooperative societies.According to the new provision proposed by the government, set to weed out the fraud developers from the realty market, a committee of experts would be set up to aid real estate projects in the state to obtain required clearances from the authorities in a hassle-free manner.
Private layouts get a go-signal after they acquire a license from BDA, while plots out of city periphery need permission from BMRDA. It is the mandatory rule of BDA to conduct a proper background check before granting a license to private layouts.
How the property buyers are duped?
A flourishing real estate market of Bangalore has turned out to be wide of the mark, as a number of landowners, like the NRIs, are becoming victims of land mafia. Inability of the NRI?s to visit the site physically acts as a convenience for the real estate agents who sell such plots illegally at a higher price.
Instances have also been reported where certain developers use fake or duplicate copies of the documents of the buyers and use them for profit value. In few cases, the value of the transaction is also changed.
Expert Panel
To put an end to the growing fraudulent activities in the real estate market, the government has proposed to set up an expert committee to evaluate provisions for different Acts and recommended apt safeguards for them. This scheme, which is somewhat similar to the RERD bill, will encompass all the unregulated trade conducted by the dealers and real estate agents in the city.
To add to it, after legislating of the RERD bill, the committee will be empowered with the right to put an end to all the bogus housing projects. The panel will ensure that all housing projects are registered with the authorities and the given deadlines should be met in accordance with the specification promised to home buyers. The committee will further impose strict penalty for duping people via misleading advertisements.
Increasing number of complaints against the promoters and developers and the growing discontent among the buyers have recently caught the attention of the government. A number of home buyers and investors have been on a fool?s errand while dealing with some private builders and housing cooperative societies. To add to it, few unorganized projects lack proper approvals from the authorities to even initiate. The latest government provision is likely to offer some relief to buyers who are continuously duped by builders and developers and is expected to go a long way.
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