For the past week, hundreds of people have gathered in Sector 68 of Gurugram to protest at the site of a housing project – the license for which has now been revoked.
An angry Anusha Rathee, an allottee, said authorities were unable to implement the government’s promise of housing for all and developers were using this laxity to their advantage. “I invested my hard-earned money in this so-called affordable housing project only to realize that the developer had duped not only me but hundreds of others,” Rathee said.
More than 1,000 homebuyers in Sector 68 of Gurugram were blackballed after the Directorate of Land Use Planning (DTCP) revoked Mahira Home’s license (by Mahira Infratech) and filed an FIR (first report of information) against the developer earlier this month for allegedly submitting false documents and fabricating bank guarantees.
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Apart from this, Mahira Infratech’s projects in sectors 103, 104, 95 and 63-A are all under consideration. Haryana Real Estate Regulatory (HRERA) Gurugram Bank issued a notice to freeze all developer accounts on May 20.
“RERA protects buyers like never before, even in the case of homes under construction. That said, the Caveat Emptor provision – buyer beware – will still apply in the Indian housing sector,” he said.
A couple who invested in the Supertech Emerald Court project, Noida, said that even with bigger names like Supertech, Ajnara or Sikka Group, one cannot be too careful with the precautions to be taken before investing.
The Supreme Court in August 2021 had ordered the demolition of the Supertech project in Noida for violation of construction standards in collusion with NOIDA (New Okhla Industrial Development Authority) officials, believing that the illegal construction will be dealt with strictly to ensure compliance with the rule of law.
Have a thought before parking cash
“We never checked the manufacturer’s credibility. The name was enough for us to invest our money in it. In hindsight, we should have asked for enough evidence to prove that they will be able to carry out the project,” the couple said.
“Everyone I asked told me that Mahira is an affordable project. With my salary and the loan amount I had to take, I was happy to think that I could have my own house,” said Archit (second name omitted).
“Two of my friends had invested in another affordable housing project in Gurugram. It was like a race to have a house before the others. To me, the project on paper seemed so appealing, I never bothered to ask about the developer’s future plans, past and present plans, and what would happen to my money if it didn’t. was not delivering,” he said.
According to ANAROCK’s Santhosh Kumar, buyers should trust only reputable developers whose projects are registered under the state’s RERA and have an impeccable track record for completing the project on time and adhering to the plans. final projects.
If in doubt, consult RERA
“This is especially important in cities and areas where there is a lot of construction supply in the market. The state’s RERA site will provide all information about a developer’s background,” he said. added.
Another way to decipher a builder’s position is to check if reputable banks are on board to offer home loans. Banks do their due diligence before partnering with a builder.
“If in doubt about the developer’s reputation, intentions or abilities, only choose move-in ready properties and ensure all legal documentation is in place. Use the services of a good lawyer with experience in property matters to check the documents,” Kumar said.
Do not consider projects that do not have a RERA registration number and, in the case of projects under construction, look for at least 40-50% project completion as well as ongoing construction activities. Regular site visits, either in person or through a property consultant, are essential, he added.