Monday, August 29, 2011

An Agreement to be a Slave of a Builder

Die for a Politician & Live for a Builder:


I am Anna
I am Anna!

Anna Hazare's movement for the Jan Lokpal Bill has proved that we can do more than what we are supposed to do - die. Die for a motherland and let the men in power live a long life.

For the first time, we found a leader, Anna Hazare, who was ready to die for us. So, that we can have a 'say' and live a respectable life.

What politicians had to accept, for sure, builders can't refuse. Like politicians, the builders have to accept that we, the property buyers, are the masters.

Now, builders have to stop exploitative abuse. Builders can't go on exploiting us, anymore. Builders can't take disadvantage of their collective dominant position as the only source of housing to abuse property buyers.

Now, we have realized that we can do more than just be a victim & react. Become a victim of recession - job uncertainty - home loan interest rates and react by not booking property. Like we did in 2008 World Financial Crisis.

Anna Hazare's movement has empowered us to be assertive, become proactive (Hinjewadi First!) and change the rules set by the builders.

Like Anna Hazare's movement against corruption, for sure, we have to take effective and collective stand.

We have to stop booking and start buying ready possession flats, certainly, with an occupation certificate from PMC / PCMC. Because, "booking a flat at the pre-launch / launch and under construction stage" is the root of the problem.

By signing an agreement of property, we give power to the builder to dominate, abuse and exploit us.

By signing an agreement of property, we become a slave of the builder and the bank.

We are left with no choice but to borrow from banks at heavy interest rates and fund the builders without any interest.

We are forced to pay rent to our landlord, as well as, pre-EMI (pure interest) to the bank and left with no option but to beg for the possession of our flat.

We are compelled to take illegal possession of our flats & live in incomplete projects.

What we get for offering interest free funds to the builder whom bank is not ready to finance?

We are just left with enough to survive for a month and see that for the next 20 years we live, earn, work only for the builder and his bank!

Real Estate Regulation Bill:


Like Lokpal Bill, Real Estate Regulation Bill is also lying with the Parliament. Not for 64 years but from 2007. Parliament was supposed to pass it in this monsoon session! Obviously, Real Estate Regulation Bill is as lame as the government's Lokpal Bill!! Because, as much as politicians, builders also believe that they are 'supreme' and are born to 'rule' the property buyers.

Anyways, Real Estate Regulation Bill is not a solution to a problem. The Bill is not interested in eradication of slavery. The Bill is not against the root of the problem - booking a flat. The Bill only tells the builders how they should treat the slaves, the property buyers.

So, point is, we don't want a better treatment. We want freedom. Freedom from the slavery. Which we can get only if we stop booking and start buying ready possession flats. Amen!

Related Stories:


1) THURSDAY, AUGUST 25, 2011

"I refuse to pay "legal charges" for the registration of my property agreement"

2) WEDNESDAY, AUGUST 24, 2011

An Agreement of Your Flat -
It's not a "Sale Agreement", Baby!

3) FRIDAY, AUGUST 19, 2011

Why do we borrow at high interest rates and offer interest free funds to builders?

4) THURSDAY, AUGUST 18, 2011

Pune builders recover the cost of construction and get ready to increase the property prices!

5) WEDNESDAY, AUGUST 17, 2011

Buy a ready possession flat until there is no real estate regulator!

6) MONDAY, JUNE 13, 2011

Is Pune real estate market about to crash?

7) TUESDAY, JUNE 21, 2011

Property Rates in Pune Real Estate Market Going Down?

8) TUESDAY, JULY 26, 2011

Flat 40 % Off!

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9 comments:

  1. Great article Sir,

    Please let me know if I should approach some lawyer while buying a flat. Also, I have booked a flat already (under-construction!) ... Ummmmm, can I avail your services, IF you don't mind?

    ReplyDelete
  2. Yes, rhn! You must consult your lawyer before signing the agreement.

    You know what? In an agreement of a project near Sayaji Hotel - Wakad, you will find a clause that says - I have consulted my lawyer before signing the agreement!

    Builders in Pune are very smart!

    ReplyDelete
  3. Ravi
    I do understand buyers need a strong representation as a group for this change to happen but by and large most of the buyer groups are mainly focused and group buying and discounts (some have even created groupon websites for this). I believe a buyers group needs to be formed which is not leveraged or promoted by brokers. This needs a Non Profit as well as a knowledgeable backbone. Not sure how to achieve this but if this conversation keeps growing the solution might present itself.
    Regards
    Nik

    ReplyDelete
  4. Very true, Hello World! Collective efforts are necessary.

    ReplyDelete
  5. Dear Ravi,

    I always read your article, I m a big fan of your's
    but what I found some time, what we are thinking is not possible to be in ground.
    As you are the property consultant, u have seen a lot of projects than me, whatever i have seen i realised there are a very few projects which is in ready possession to sell.
    As you know builders don't fund the projects from there side. Result is there are no projects which is in ready possession.

    If a customer want to purchase any flat, how he will get the ready possession flat.
    Builders always promote there under construction projects.

    My another one point is when the customer purchase the prelaunch projects he gets the rate benifits, If a person will go for the ready possession flat, it will be his out of reach condition.

    regards

    ReplyDelete
  6. My builder has charged me some 2.5 lakh rupees as legal fees, mseb etc for a flat of 30 lakhs. He said he can not give any details of this lumpsum amout. I believe this is to cover parking charges which are termed illegal by SC. There is no receipt for this 2.5 lakhs as it is added to the agreement cost. I don't have any proof that I paid 2.5 lakhs for misc things. I have more questions - who pays for the service tax and vat. when I booked the flat there was no mention of this. And later builder took this money from me because govt legislations came after I booked the flat.

    ReplyDelete
  7. My builder has charged me some 2.5 lakh rupees as legal fees, mseb etc for a flat of 30 lakhs. He said he can not give any details of this lumpsum amout. I believe this is to cover parking charges which are termed illegal by SC. There is no receipt for this 2.5 lakhs as it is added to the agreement cost. I don't have any proof that I paid 2.5 lakhs for misc things. I have more questions - who pays for the service tax and vat. when I booked the flat there was no mention of this. And later builder took this money from me because govt legislations came after I booked the flat.

    ReplyDelete
  8. This comment has been removed by the author.

    ReplyDelete