Suggestion to P.M.

of India

Suggestion-3: To stop cheating in Real estate / Builder/ Properties.
Contents
Suggestion-3: To stop cheating in Real estate / Builder/ Properties. ............................................................. 1
Suggestion to Improve Transparency level in Real Estate Sector .................................................................... 1
Real Estate (Regulation and Development) Bill, 2013 few point need to be consider .................................... 2
Benefit: ................................................................................................................................................................. 2
Government Initiative /feedback........................................................................................................................ 2
1. New bill proposes licences for real estate brokers ................................................................................ 2
2. The Confederation of Real Estate Developers Associations of India has called for adoption of a
single window and online approval system to cut short time for clearances and save on costs due to
delays. ............................................................................................................................................................... 3
3. Refund additional Floor Area ratio charges to institutions: Delhi High Court to DDA ...................... 3
4. Effect due to lack of poor policy in Real Estate Sector .......................................................................... 3


Suggestion to Improve Transparency level in Real Estate Sector
Government body needs to make this compulsory that builder have to submit on line document which is
viewable to everyone.
1. Approved Map from Govt. Body ( say for example MCD- Municipal corporation)
2. If on lease, Lease agreement copy
3. Bank tie-up detail & document required by bank for loan.
4. Clear Possession date
5. No dues & no court case on property certificate
6. Clear TIN No of company
7. Turnover Financial Results in last 3 years
8. 3 years Income tax return, so that easily identify the black money involvement & NRI money
which may effecting our current economy and responsible for costliness of property for normal
Indian user.
9. Reserve the limited quota for NRI.
10. Clear detail of current circle rate and forecasting for future rise of property. So that end user can
justify the rate demanded by builders.
11. A heavy penalty clause from government bodies if a builder produces any wrongs facts.
12. Builder reputation detail rating by facts some common point system.
13. Clear penalty detail. If builder is not able to delivered the project on time, Right now 5/- per sq ft
. Builders are mentioning but this is like lottery for builder money at minimum interest. Actually
builder have to pay interested from bank + penalty for delay
14. Also looking for slots in House registry charges as per cost to reduce lack money involvement ,
because people are showing less property cost to save their 5-7 % registry charges this need to
reduce up to 2% up to 25 lakhs and from 25 Lakhs to 1 caror 1.5% and above 1 caror 1% only.
To allow them to show their actual cost. Later on government can get property tax on actual
property value.
15. Property tax also need to reduce
Real Estate (Regulation and Development) Bill, 2013 few point need to
be consider
1. What is going to happen with people who has booked flats/ home but still they did not get
Possession
2. Govt. should send letter to all builders about effectiveness date of bill so that they can rectify the
cost return process. Which they have charge in the name of supper area. And clear penalty clause
in case of failure to follow no court case direct cancelling of licenses to work as a builder/ or All
the property of builder should be in government control
3. Is cost of supper area going to correct in carpet area cost? This should not be. There should be
fixed ration of circle rate and market rate.
4. Club membership money, Car parking should be part of Property no separate charges should be
taken by customer.
5. Important point policies making and clarifying the points are really good step but
Implementation is missing to speed up the implementation Government need to send letter to all
builders and banks for corrective action. Also need to demand and submit online data of buyer
with PAN card number so that people are easily traceable and real state bill communication from
government body is possible.
Benefit:
1. No Cheating in Real estate
2. End user satisfaction
3. No black money involvement
4. NRI Cant be influence our economy more stability in Rupee as compare to other currency like
Euro & Dollar $
5. Government can get property tax on actual property value.

Government Initiative /feedback


1. New bill proposes licences for real estate brokers

New bill proposes licences for real estate brokers The UP urban housing department is drafting the bill to
regulate property brokers. "Once the draft bill is ready, it will be approved first by the cabinet and then
passed by the legislative assembly to make it a law," said an official. The draft states, "The district
magistrate or any other top official in each district will be appointed as the nodal officer, who will issue
licences and address grievance of buyers against erring agents, Realty experts said this decision will bring
in more accountability, reliability and transparency for homebuyers.

http://timesofindia.indiatimes.com/city/noida/New-bill-proposes-licences-for-real-estate-
brokers/articleshow/30583825.cms

2. The Confederation of Real Estate Developers Associations of India has
called for adoption of a single window and online approval system to cut
short time for clearances and save on costs due to delays.

http://www.thehindubusinessline.com/.../article5459045.ece

3. Refund additional Floor Area ratio charges to institutions: Delhi High Court
to DDA

Delhi HC asked DDA to refund the amount taken from certain private educational institutions as
additional Floor Area ratio charges on the land given to them on lease-hold basis.
4. Effect due to lack of poor policy in Real Estate Sector

Noida: 30000 flats face uncertainty as SC upholds National Green Tribunal order

http://www.myfaridabad.in/forum/noida-30000-flats-face-uncertainty-as-sc-upholds-national-green-
tribunal-order-t2398.html?utm_source=twitterfeed&utm_medium=twitter

New Delhi: In worrying news for home owners, 30,000 flats owners in Noida face uncertainty after a Supreme
Court ruling on Tuesday. The apex court upheld the stay on construction imposed by the National Green Tribunal in
the eco-sensitive zone surrounding the Okhla Bird Sanctuary. Construction around the eco-sensitive Okhla Bird
Sanctuary has been halted.