Real Estate Market In India
While on one hand the real estate India markets are booming nationally and internationally at a very fast pace. Few of the well known builders have cheated the innocent buyers by selling/ booking their plots on the false commitments having Lands and projects duly approved by government while the fact remains that some of those builders were not even having a square yard of land in their possession government approval is a far off thing.
Keeping the above gross/ major irregularities in view, the government has lashed heavily on such builder & developers and planning to make a land board thereby making mandatory certain rules and regulations before releasing such unscrupulous & false ads as may dupe/ cheat the innocent buyers and mislead the public at large.
The Parliamentary committee of ministry of urban Development has suggested that immediate measures should be taken to save the innocent buyers being cheated by the private builders and dealers, who are working in real estate India sector.
Committee is of the opinion that to successfully implement the master plan, it is utmost essential that the cheating in sale and purchase of plots and flats be checked effectively until or unless the private builders are governed by strict rules/ parameters and there is some effective rules for buy or sell real estate India. It will not be easy to stop the unauthorized construction. One such big step being taken by the government is that it shall be developing and constructing residential flats through a duly constituted model agency at a cheaper rate to stop the high-handedness and unbridled activities of builders and property dealers.
Courtesy- E. T.