A broken promise, an incomplete flat and a big hole in the pocket

For thousands of people whose dream to shift into their own flat lies shattered, the Real Estate Act offers some relief

rahul

Rahul Dass | May 3, 2016


#Noida   #ministry of housing and urban poverty alleviation   #Real Estate (Regulation and Development) Act   #housing   #Real Estate   #NCR   #Akhilesh Yadav  
Amrapali Silicon City project
Amrapali Silicon City project

I still vividly remember that nippy February evening in 2010 when and I and my wife drove down to a real estate broker’s office in Noida and booked our dream flat in Amrapali Silicon City, with the hope that we would, in a couple of years, shift into our own abode.

That night we celebrated as we didn’t realise what lay ahead. The dream flat was actually just that – a bit of wishful thinking and the beginning of an unending nightmare. It has been six years and we are still waiting to move into our home.

The much awaited Real Estate (Regulation and Development) Act, 2016 came into force on May 1, setting in motion the process of making operational rules and creation of institutional infrastructure for protecting the interests of consumers and promoting the growth of the real estate sector in an environment of trust, confidence, credible transactions and efficient and time-bound execution of projects. 

The Act should provide some relief to aspiring home owners like us, who have pumped in their hard-earned money into something that is still far from complete.

Like clockwork, the lending bank helps itself to the EMI, leaving little elbow room in the beginning of the month. Then there is the rent to be paid. To top it up, the chartered accountant explains that you can only get full taxation benefits when you take possession of the flat.

Anybody who is going through this would vouch that it feels as if your finances are being clawed away and you can’t do anything about it. It is a grim and helpless situation.

What makes it worse is that since a substantial amount of money is taken away by the EMIs and rent, there is precious little left for the small joys of a family. Eating out, watching a movie in a cinema hall, a weekend trip, buying clothes, the anniversary celebration – all gradually fade away.

We can still understand it, but what about our son who is growing up in an environment where debt hangs heavy? Lately, he too has started to cease making any major demands, knowing well that his parents can ill afford it. As parents, it is heartbreaking.

From our side, we have paid up every time the builder sought money. They would send us the demand letter, which we would dutifully put up at the bank, which in turn issued a cheque and also promptly increase the EMI.

In July last year, we heaved a sigh of relief when we paid the last instalment to Amrapali – five years after we booked the flat. We were assured that we will get our flat within three months. Nine months have passed since the last payment was made and there is no sign yet of the flat being handed over to us.

We regularly make an increasingly disappointing visit to Amrapali Silicon City in Sector 76, Noida, to see our incomplete flat and the supervisor gives an explanation as to why it has not yet been completed. But he has no answer to the big question: when do we get our flat?

Some of us are so desperate that we are even willing to shift into a flat that is far from complete. Amrapali has done great injustice to homebuyers, even as the Akhilesh Yadav government just sat and watched. It is now that when the assembly elections are around the corner in Uttar Pradesh that the authorities in Noida are trying to do something about it.

However, that is too little and too late. We have already spent endless hours tossing and turning in bed, and on many nights have woken up suddenly with clammy hands, worried about our fate.

Our heart bleeds when we see the incomplete towering structure where the work is still on and wonder whether we are cursed to have decided to book a flat in this mega city and thought it to call our home.

The Real Estate Act calls for the early setting up of Real Estate Regulatory Authorities with whom all real estate projects have to be registered and appellate tribunals for adjudication of disputes is the key for providing early relief and protection to the large number of buyers of properties.

That should provide us some relief, probably.

The bill was passed by the Rajya Sabha on March 10 and all eager homebuyers began to closely follow this legislation. Then the Lok Sabha passed it on March 15 and the president accorded his assent on March 25. The Real Estate (Regulation and Development) Act, 2016 was published in the gazette for public information on March 26 while 69 sections of the law were notified by the ministry of housing and urban poverty alleviation on April 27, bringing the Act into force with effect from May 1.

We hope that this change in the statute book will provide relief to many home owners like us who just want their long awaited flat, a small world which they can call their own.
 

Comments

 

Other News

In Maharashtra, what’s allowed, what’s not

Essential services allowed: 1) Hospitals, diagnostic centres, clinics, vaccinations, medical insurance offices, pharmacies, pharmaceutical companies, other medical and health services including supporting manufacturing and distribution units. This would also include dealers, transpo

Maharashtra goes under ‘Janata curfew’, restrictions from tonight

Striving to control the deadly second wave of Covid-19 infections, the Maharashtra government has imposed prohibition on the gathering of more than four people as well as night curfew from Wednesday till May 1. Starting 8 pm Wednesday, Section 144 of CrPC (prohibition on the gathering of mor

Govt launches e-marketplace for aqua farmers

Union Commerce and Industry Minister Piyush Goyal inaugurated e-SANTA, an electronic marketplace providing a platform to connect aqua farmers and buyers. It aims to enable the farmers to get a better price and the exporters to directly purchase quality products from the farmers

Central Mine Planning and Design Institute to use a drone for coalfield survey

Ministry of Civil Aviation (MoCA) and Directorate General of Civil Aviation (DGCA) have granted a conditional exemption to Central Mine Planning and Design Institute (CMPDI) for surveying in coalfield areas of Coal India Ltd. The drones will be deployed for the acquisition of d

Govt rolls out SARTHAQ for NEP 2020 implementation

In pursuance of the goals and objectives of the National Education Policy (NEP) 2020 and to assist States and UTs in this task, the Department of School Education and Literacy has developed an indicative and suggestive implementation plan for School Education called ‘Stud

NITI Aayog launches the version 2.0 of India Energy Dashboard

Dr Rajiv Kumar, Vice Chairman, NITI Aayog; Dr V K Saraswat, Member, NITI Aayog; Amitabh Kant, CEO, NITI Aayog; and Dr Rakesh Sarwal, Additional Secretary, NITI Aayog in the presence of Secretaries from Ministry of Coal, Ministry of Power, Ministry of Petroleum and Natural Gas,

Visionary talk with Prithviraj Chavan, On the need for vaccination & Maha Political volcano



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter