MORE BUILDINGS ON BUFFER ZONE – HARALUR-AMBALIPURA-KASAVANAHALLI-KAIKONDARAHALLY-BELLANDUR-VARTHUR-IBBALURU-AGARA- WILL BE UNDER NGT OBSERVATION


There is a very huge residential complex on the banks of two of the major lakes built by leading builders MAY face the same treatment from NGT as others and the poor buyers will be the victim.

Leave alone these residential complex and the builders are financially and politically very SOUND can manage or even refund or provide alternative accommodation, but the revenue, unauthorised layouts, illegal buildings and DC Converted layouts/sites without approved/sanctioned plan or with deviations will have to face the bulldozers.

Some of the DECLARATIONS from these owners are as under:

a). There are too many buildings like this, nobody has got guts to demolish.

b). Entire Bangalore is like this, Ha ha haaahaaa, I am not alone, there are many like me, all of us go down together.

c). We have Cauvery Water and Bescom Connection!!! So What?  Bescom is a power supplier and if you do not pay the charges or the bill for a month or more, the power will be disconnected and likewise, the Cauvery water connection.  Power and Water Connection will not confer any right, title and interest.

d). I have A Katha.  Even, if there is A katha, if there are deviations, violation and illegalities, the structure is termed as illegal and will be removed, but, the owners can buy some time and stay put and may not be able to sell in the future.

e). Bank has sanctioned loan, hence, everything is right.  It is not so.  Sanction of loan does not confer any right, title and interest.  Even if the structure or the site is demolished or dispossessed, THE BORROWER HAS TO REPAY THE LOAN WITH INTEREST.

f). I know him, him and nobody dares to touch my building.  It is not so.  Things are changing.

Therefore, Before the purchase DO CONDUCT A THOROUGH AND DILIGENT ENQUIRY INTO ALL THE ASPECTS OF THE PROPERTY.

THE PRESENT SCENARIO OF REALTY SECTOR – A PRESS REPORT


Residential real estate prices fell across the country in 2017 due to demonetisation, the implementation of the Real Estate Regulation Act (RERA) and goods and services tax (GST).

According to a Knight Frank report, prices fell by an average of 3% across cities, with Pune witnessing the highest decline, 7%, followed by Mumbai at 5% in 2017. Prices in the NCR, which had already fallen in the last six years, dropped another 2% on average.

The main reason for the fall is poor demand. Sales in Bengaluru, NCR Delhi and Chennai fell sharply — 26%, 6% and 20%, respectively. However, the Mumbai and Pune markets witnessed a slight upward movement. The report pointed out that as RERA had been implemented properly in Maharashtra, sales had picked up in Mumbai and Pune by 3% and 5%, respectively.

Because of slow sales, launches witnessed an unprecedented slowdown during the year. New launches fell by 56% in NCR Delhi and by 41% in Bengaluru. This has affected the sector badly.

NCR witnessed 6% lower sales at 37,653 units while prices fell by 2% due to a slowdown in demand and the impact of new realty law RERA and GST, said property consultant Knight Frank India. “The year 2017 brought no cheer to the NCR residential market as launches and sales dwindled further due to slow sales velocity and policy initiatives such as Real Estate (Regulation and Development) Act, 2016 and the Goods and Services Tax (GST),” the consultancy firm’s executive director (north), Mudassir Zaidi, said.

The report also pointed out that that the share of affordable homes among new launches rose from 53% in 2016 to 83% in 2017, indicating developers’ focus on properties within the Rs 50 lakh price bracket. The main reason for the launch of affordable housing is the huge demand in the segment and the subsidies under the Prime Minister Awas Yojana.

In fact, if compared to real estate activity in 2010, it is very bad. “By the end of 2017, the residential sector had shrunk to a fraction of its size in less than a decade. Nevertheless the near-standstill triggered by the note ban seems to have tapered with time,” Knight Frank India chairman Shishir Baijal said.

In 2010, India had witnessed the launch of 4.80 lakh apartments; in 2017, the number is 1.03 lakh. At the same time, sales plummeted from 3.61 lakh apartments to 2.28 lakh. Slow sales in the past have led to a huge pileup of unsold units— 5.28 lakh units across India — that would require around three years to be sold completely were no new launches to take place.

However, RERA has provided a silver lining. “Select markets wherein Rera has matured have seen developers re-launch projects at attractive prices, which led to an uptick in sales in 2017. This strategic switch by developers led to a price reduction in most markets. It’s a buyers’ market today and we hope the momentum holds steady in the near future,” Baijal added.

APARTMENT COMPLEX ON LAKE BUFFER ZONE at THE KASAVANAHALLI LAKE


The BBMP initiated the withdrawal/cancellation of Occupancy Certificate issued to one of the Residential Complexes built by a leading builder having 600 apartments, based on the observation of the NGT.  The aggrieved builder approached the High Court and obtained a favourable order and the Court directed the BBMP not to take any precipitative action against the residential complex.

As, we had stated, many times, that the buyers are given a token relief but the outcome will be MISERABLE AND SHOCKING.

The litigation will go on and on and on.  But, the poor buyer and investor, is the ultimate VICTIM, will be at LOSS.

Many apartment complexes will face the similar action and all of them will approach the court and obtain some TEMPORARY RELIEF for the buyers.