DELHI NCR PROPERTY QUERIES
Delhi NCR Property Queries
Q. What recourse do we have when a builder doesn’t fulfill the promises in terms of the amenities and the quality of construction?
A. You may appeal at consumer forums at the district or the state levels, which are generally pro-customers. If a builder fails to deliver on the promise, which must have been mentioned on the project catalogue or in the agreement, of a set of amenities or the quality of construction, you are likely to be compensated within one year.
Q. I have purchased a house that is under construction; I am still paying the installments It’s been three years now and I would like to sell the property — do I have to pay capital gains tax; if yes then how much?
A. Capital gains are applicable when:
a) The property that was sold was withheld by a person for a period of more than 3 years from the date of its original purchase or possession
c) The sale proceeds are invested in a residential property that is bought 1 year before the sale of property or 2 years after the sale of the first property
d) The new property is bought after the sale of the first property
e) Capital gains tax can also be saved by investing the sale proceeds in Capital Gain Bonds.
To compute the holding period, the sale deed or the purchase deed is a valid document to determine the date of purchase or the date of sale.
However, when a property is purchased by paying installments, the letter of possession will be the date for such purpose. In any event, the applicable rate depends on the facts and the circumstances of each case.
Disclaimer : Blog Author will not be responsible for the advice, views and suggestions provided in general property queries as mentioned above. Such advice, views and suggestions should be used for references only.
Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
The Competition Commission of India, or CCI, is investigating around 70 real estate developers around the country, including Unitech, Parsvnath Developers and Omaxe as well as several big builders in Mumbai, for entering into one-sided agreements with buyers and for allegedly colluding with each other to arm-twist them.
Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
In probably the biggest scrutiny of the industry, the competition watchdog has over the past few months sent out notices to many of these builders, asking them to furnish details about their operations and their agreements with buyers, said a CCI official.
The commission has asked its director-general to investigate a number of practices that real estate developers follow, such as announcing projects before getting all approvals from authorities and not revealing all applicable costs to buyers at the time of purchase, said the official.
It will also look into one-sided clauses through which a developer can delay completion of projects, increase or decrease the size of apartments, and change building plans mid-way through projects.
Unitech amongst 70 real estate companies under CCI scanner for alleged collusion
If the Competition Commission finds the developers guilty of having framed unfair agreements, it can impose heavy fines on them.
Last year, it had imposed a penalty of Rs 630 crore on DLF, the country’s largest real estate company, for misusing its dominant position in Gurgaon and forcing buyers to enter into one-sided contracts in three projects.
DLF is contesting this fine at the Competition Appellate Tribunal.
“Buyers do not have an option as most developers have one-sided, heavy handed agreements which are to their advantage. Some clauses allow for frivolous termination of agreements, increase in sale price and change in building plans, which are arbitrary,” says Realty experts.
Time over-runs in real estate projects have been another sore point with buyers.
According to a recent research report by property research firm PropEquity, nearly half of the 930,000 under-construction residential units in the country, scheduled for delivery between 2011 and 2013, are likely to be delayed by up to 18 months.
The CCI official said the commission has got close to 200 complaints against real estate developers in the last one year, with many of them pertaining to agreements and delays in delivery of properties.
Source : http://timesofindia.indiatimes.com/business/india-business/Unitech-Parsvnath-Developers-Omaxe-amongst-70-real-estate-companies-under-CCI-scanner-for-alleged-collusion/articleshow/16377649.cms
Nice Reads on Builders Scams and Injustice!
1.
How and where to get justice!!
Please Click on Title of Topic to read complete story and content source…
Excerpts :
According to the website http://redevelopmentofhousingsocieties.com/, property buyers can present their own cases in consumer courts and do not need to engage a lawyer.
The property buyer must file his complaint within two years of the dispute arising, after which it becomes outdated.
A written complaint can be filed before the District Consumer Forum for property value of up to Rupees twenty lakh, State Commission for value up to Rupees one crore and the National Commission for value above Rupees one crore.
Unihomes Buyers Protest Continues…
2.
Unitech’s (builder) fraud continues..
Please Click on Title of Topic to read complete story and content source...
Excerpts..
Here, one can find frauds ranging from selling of the apartments under UNITECH UNIHOME project, even when the project has not been approved by the Noida Authority to not giving the allotment letter to the buyers..
Unitech Apathy Towards HomesBuyer Continues..
3.
Unitech Fails to Deliver..
http://beawarebuilderscams.wordpress.com/2011/10/31/unitechs-builder-fraud-continues/
Excerpts…
According to their website, http://www.unitechgroup.com, it is a leading real estate developer in India. Well sure it is!!
With incomplete projects and customers’ money at it disposal, it is indeed a leading and rich real estate developer. Unitech is literally using it’s name in fooling people into investing their hard earned money in it’s crappy projects.
It’s project Verve in Greater Noida NCR), India, on papers (in the contract) was supposed to be completed in 2009 with apartments handed over to the respective customers the same year. Unbelievably, it is 2011, and the apartments are no where near completion.
Same way, Unihomes project in Sector 117, Noida was supposed to be handed over to homebuyers by January, 2011 but going by the pace of construction, it appears that it would be foolish to expect project to get completed or ready for possession by 2015 even.
Unitech Fails to Deliver
Unihomes Buyers Welfare Group 