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Monday, May 29, 2017

How can The Times of India do this to Pune Builders?

MahaRERA is for the promotion of real estate business.
MahaRERA is for increasing housing supply.
Not to harm the builders in Pune.
Not to create shortage of housing in Pune real estate market.:

Add caption

To gain insights on how RERA will transform the real estate industry, yesterday evening, I visited RERA Information Desk of Posiview Consulting at Times Pune Property Exhibition at Sheraton Grand near Pune railway station.

In the couple of hours I was there, I realized that most of the people who visited the RERA Desk were victims of the builders in Pune. These victims of the builders wanted to know whether MahaRERA will give them justice. Ms. Komal Karwande, who was at the Desk, confirmed the same.

At Times Property Expo, the victims of Pune builders outnumbered the visitors who wanted to book flats!

For example, at the exhibition, there was one couple in their 80s. Some 10 years ago they had booked a flat in a project near their home for their only daughter - so that their daughter can take care of them. But even after 10 years - they haven't received possession of their flat.

Instead of their daughter taking care of them - for the last 10 years - they are fighting for possession of their daughter's flat.

They had gone to consumer court & won the case. But the builder is refusing to follow the consumer court's judgement of giving possession of flat. The builder is ready to refund their money but refusing to give a flat.

Can MahaRERA help us to get possession of our flat? The couple in their 80s wanted to know.

This is terrible!

This is not only against the interests of the builders who participated in the property exhibition but this is against the entire builder lobby in Pune.

Instead of presenting a rosy picture which will tempt the visitor to book a flat - the organizers of the property exhibition are demotivating the visitors from booking flats.

By inviting victims to the exhibition - instead of a fiction - the organizers had exhibited the facts. The ugly truth of Pune real estate market. I said to myself.

In short, it was an exhibition of unfair - unethical - illegal - criminal - business practices of the builders in Pune.

How can The Times of India do this to Pune builders?

Spreading negative sentiments against the builders in Pune is not fair.

After all builder's ads is the main source of revenue of The Times of India.

These negative sentiments will completely destroy the business of builders in Pune who are already struggling to survive.

True! For the last couple of months the builders in Pune have stopped releasing ads.

True! For the last 6 months or so the builders in Pune are not taking part in The Times Property Expo.

True! In the next 6 months the builders in Pune may not release ads & may not participate in any property exhibition.

But it doesn't mean that anyone has a right to punish the builders in Pune for that!

If it had been a CREDAI Pune Metro Property Exhibition, the builders would not have put RERA Information Desk. The builders would not have let their victims enter in the exhibition. If the victims had tried to enter - like the last CREDAI exhibition - the builders would have used police force against them.

I hope that The Times of India will correct it's mistake and join hands with the builders in Pune. Together they will spread the positive sentiments in Pune real estate market and give boost to the business. Which is the main purpose of MahaRERA.

What say you?
Instead of a justice to the victims of the builders, all we want is more housing supply. Right?
Please, share your views in the comments.

Related Story:

1) Will MahaRERA resolve flat buyers' complaints against builders in 60 days?

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  1. Dear Ravi, Thanks as always for posting on such topics and educating us. Could you please provide some update on your defamation case filed by Lalit Kumar Jain of Kumar Builders?

  2. Hi Ravi,
    What is wrong when Times is trying to help the person who is in trouble due to few deals. this doesn't mean that the times group is just portraying the black side of the business.

  3. With builders going bankrupt, sales not happening due to exorbitant prices, poor quality of project & delivery/possession issues, how can builders afford to give ad now ? And those who can know that now merely giving ads is not enough to fool flat buyer.

    There is absolutely no assurance that RERA will help flat buyers who have done agreement with builders before RERA was notified for the simple reason that 70% amount to be kept in escrow account was not there earlier, now builder can simply say that he is bankrupt & has no money to complete the project. What buyers can do is only keep filing cases in consumer, civil & criminal courts. And if the builder is bankrupt, how will it help those flat buyers who book flat today with that builder ? So unless we see something being delivered from MahaRERA, it is best to buy ready for possession flat with all approvals, or even better is to stay on rent at fraction of cost.
    Some recent update about MahaREREA -

    RERA registration no. must in ads by Maha builders from August -

    As per a clause of the Real Estate Regulation and Development Act, Maharashtra, it is compulsory for developers to give information about their projects from May 1


    But most important aspect in article above is, “Since 1st May , 900 agents and 16 projects have been registered in state . Yet I am not satisfied as there are at least 30,000 projects which need to be registered immediately,” he added.

    As mentioned in link in your earlier blog, those builders who don't get their projects registered by July end will be deemed as illegal projects. So lot of skeletons will come out post July 2017 end & it will be another battle for flat buyers who have booked in under-construction flat which is not registered by builder by July. Those who have already booked in under-construction flat, better start asking builder about RERA registration process.

  4. This is good article from financial perspective. Hope buyers make all such analysis before jumping in.

    Is your house making you poor?


    1. TheMonk, thanks for sharing the article - Is your house making you poor?