PM Narendra Modi bats for flat buyers
after the realtors, especially in the Delhi-NCR region, are being blamed for
prolonged delay in delivering projects to their clients
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Prime Minister
Narendra Modi during his address to the nation on Independence Day Monday.
Photo: Pradeep Gaur/Mint
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New
Delhi: Breaking his silence on the
homebuyers’ sufferings due to delay in real estate projects, Prime Minister
Narendra Modi brought up the issue in his Independence day speech delivered
from the Red Fort on Monday.
“Builders show nicely
printed booklet to buyers to lure them. The middle class do not have technical
knowledge but keep giving builders money and yet the builders don’t build the
houses on time,” Modi said.
The real estate
market in India, especially in the Delhi-NCR region, has been characterized by
prolonged delay in delivering projects, with buyers organizing themselves into
associations and protesting to get the authorities’ attention.
Some have reached out
to the prime minister himself. The buyers from Jaypee Wishtown project
organized a protest last month and signed a petition to the prime minster,
asking for help in getting the builder to finish the project.
While the prime
minister had constantly mentioned the issue of lack of affordable housing in
India, he has steered clear of talking about widespread delay in real estate
projects, especially in the Delhi-NCR regions.
Empathizing with the
public about the emotions attached with buying a housing, Modi said, “my fellow
brothers and sisters, middle class persons dream of constructing a house, buy a
flat.”
“Middle class invests
their life long savings and capital in this one-time investment. To protect the
interests of buyers, we brought forward Real Estate Bill to regulate the builders.
This measure will help the middle class home buyers,” the prime minister said.
The central
government passed the Real Estate (Regulation and Development) Act (RERA), 2016
in March to clear the way for setting up a real estate regulator, with a provision
that can sharply improve transparency.
“This means the
matter has reached the prime minister and the government is up to something, so
very soon a clampdown can be expected on the builders,” said Nrip Kumar Mehta,
coordinator of Wish Town buyers’ movement and a buyer in Jaypee Krescent Homes
project in Noida.
“However, we haven’t
got any formal response from the Prime Minister Office,” Kumar added.
Credit : http://www.livemint.com/
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