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Fast Approvals Consumer Redressal Infra Push Can Reboot Delhi Ncr Realty

Author: ETRealty

NEW DELHI: Delhi NCR's sagging real estate markets need a radical change to hit revival. This includes speedy project approvals, effective consumer complaint redressal and a planned infrastructure push. This was the solution offered by leading stakeholders of the sector at the Real Estate Dialogue discussion organised by Magicbricks in Delhi this week.

Revival is only possible when there is complete reboot of the industry so that the very perspective of all stakeholders, be it home buyers, developers or agents, gets changed, the panellists agreed.

The panellists for the boardroom discussion were Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd; Deepak Kapoor, president CREDAI-Western UP & director, Gulshan Homz; Vineet Gupta, director, Ajnara India Ltd; Ishtiaq Ahmed, chief town planner, GDA; Ruby Arya, Executive vice chairman, Milestone Capital Advisors Limited; Samit Mallik, senior VP, Antriksh India and Gaurav Gupta, director, SG Estates.

E Jayashree Kurup, head, content and advisory at Magicbricks said, "The current real estate market has seen it all - from project delays to defaults. Now it is time for the industry to reboot. If there is ample stock in the market and interested consumers too, this is the time to get the two together and make the market move."

In today's market, where developers are facing money crunch, Rubi Arya of Milestone Capital Advisors said, "There is increased liquidity in the market for developers with good track record. Investors' expectations to earn from investment has also subdued. The government is introducing new policies and reforms to help the sector. So far, 15 billion dollars have been invested in the sector in the last year."

This is good news for consumers who have been battling serious project delays across the NCR region for a long time. So how does a consumer identify a developer who would be in a position to source these funds to complete projects? The panellists came up with four-point solution for selecting the right developer before investing in property. They recommended the consumers-

Don't go for discounted projects but go for real development

Look for right price in good location

Check for clear titles

Find out his past delivery track record

In case of problem, seek redressal through industry bodies like Credai NCR

Fast project approvals

Due to delayed approvals, the market is facing a log jam. Highlighting this, Arya said, "The market is currently facing a vicious circle of developers facing financial crunch and thus delaying projects. Due to delays, the consumers are not investing in projects. Also, project approvals need to come on time. Only then, projects like smart cities and affordable housing will be a reality," Arya said.

Answering the cause of project delays, Ahmed of GDA said, "In order to obtain approvals on time, developers have to keep all documents ready, such as land records, environment clearance, fire safety certificate and NOCs from various departments." The panel members present agreed that there is an urgent need to get the approval process online. Kurup mentioned that the Central government has promised Magicbricks in various meetings, that by March next year, approvals process will significantly improve.

Consumer complaints

Magicbricks has been receiving several queries about all types of problems, such as project delays, defaults, etc. Sending a strong message to the consumers, Gaur said that CREDAI has set up a consumer redressal forum arising due to communication gap between home buyers and developers. "We have a smooth online system on www.credaincr.org, where complaints can be registered and we will solve them free of cost within a month through proper legal help," Gaur said.

Gaur said that because of high profile developer defaults, the industry was being tarred with the same brush. He offered to partner with Magicbricks to come out with a comprehensive document on the amount of inventory in the market and its stages of completion. "There are many good developers in the market who have delivered their projects on time," he added.

Role of Infrastructure

Some areas, such as Dwarka Expressway and Raj Nagar Extension, are losing out in the market due to crowded or lonely stretches. It is high time that these markets get an infrastructure fix.

Gaurav Gupta assured the prospective home buyers that though Raj Nagar Extension is still developing, in the next fifteen months. An underpass, a flyover and an elevated road will address major connectivity issues of the area. "Moreover, water logging and sewerage issues of the area are stuck up due to an ongoing court case about a 100-metre stretch which is expected to be cleared within an year. These problems also will be solved soon," he said.

Deepak Kapoor of Gulshan Homz said lack of infrastructure is impacting the housing sector and developers are blamed for it. Authorities should not allow residential development in the area till the area doesn't have basic infrastructure. Even for EWS and LIG, we shouldn't make ghost towns, where nobody wants to live as they are not liveable.

Welcoming the implementation of Real Estate Regulatory Law, the panel members agreed that the implementation of Real Estate Regulatory law is going to help developers and the sector as a whole, as it will become an entry barrier in the sector. Only those developers, who have all approvals, financial strength to execute them and the ability to complete projects would enter the real estate market in the future, panellists concluded.

The discussion was part of the series of Real Estate Dialogues organised for reviving real estate markets around the country, in markets such as Bangalore, Mumbai, Pune, Chennai and Hyderabad. 
Source : ETRealty.com‎

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