Home buyers are now fighting fraud builders head-on
Advertisement
Advertisement
Home buyers are no more the victims; in fact, with their newfound legal powers, they are becoming more and more confident about challenging the mighty real estate developers. They are now seeing courts, demanding justice and filing cases for cheating, fraud and delays in delivery against builders. In the recent past, we came across one such case, when Unitech chairman, two MDs and a director spent a night in jail. Proactive orders from the National Consumer Disputes Redressal Commission (NCDRC) against different builders too have boosted the confidence of home buyers and motivated them to fight builders in different forums.
However, for MDs and CEOs of real estate firms, this has come in the form of a wakeup call. They are now clear about delivering promises and dealing with customers with care.
Hiroo Advani, who is a senior partner at law firm Advani & Co, expects that with recent developments, more consumers would now come forward and file such complaints.
"Home-buyers have realised that civil remedies are not good enough and criminal proceedings are turning out to be more effective. This seems to be the only way left to ensure that developers deliver on their promises. With this, developers would have to take up personal and not just professional responsibility hereon," he told ET.
Advertisement
The popular cases against real estate companies and builders that we have seen in recent months include that of Noida-based builder Rahul Gaur (Brys group) who was arrested by Odisha police, and a Gurgaon court’s warrant against ERA-Adel Landmark after having found it involved in 21 fraud cases.
In Gurgaon, once a booming property hub, the district administration has formed the Gurgaon Arbitration Council which would resolve pending real estate disputes in a fast track manner.
Image source
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market