Property Developer Issues

The tendency of an NRI to have his own property in the motherland drives him to keep looking for a ‘GOOD DEAL’. There is no dearth of aggressive national and international marketing by builders and developers in India. They paint such a rosy picture to the prospective buyers, especially the NRIs, that he is virtually driven into a trap. Substantial portion of the total cost of the property is taken at the initial stage only, followed by regular installments. The builders/developers upload their cosmetic development of the project, keep extracting money from the innocent buyers, especially the NRIs, without making any material development of the project. The NRIs, who cannot pay frequent visits to physically check the veracity of the progress, have to rely upon the inputs fed to them by the builder. However, when the NRIs actually comes to know that he has been tricked into the web, it is too late, as by that time he has already paid almost the entire money and the completion has crossed the deadline date. The helpless buyer has to somehow lump the delay or incomplete or sub-standard finish of the building.

To save the buyers from such harassment, the Indian law makers have brought in very effective and strong provisions. All new projects are now required to be registered under the Real Estate (Regulation and Development) Act. The Act directs all the states in India to regulate Real Estate sector and also to act as an adjudicating body for speedy dispute resolutions. It seeks to protect the interest of building buyers. The Act provides compensation, interest due to delayed delivery of possession and also contains penal provisions under which, the developer can be sent to jail for any default.
The buyers also have other forums to seek remedy. He may approach the Consumer Courts or Permanent Lok Adalats. It is the option of the buyer to decide as to which remedy he wants to avail, depending on the situation.
The GSLS helps you in identifying as to which of the remedies and forums are best suited to the situation. With the help of experts in all fields and in all the cities of India, we provide the best possible service.