Tuesday, February 14, 2017

Don't book a flat in Pune till RERA is implemented

Important tip for the first time home buyers in Pune real estate market - Don't book a flat in Pune & Pimpri Chinchwad Municipal Corporation limits till RERA - Real Estate (Regulation and Development) Act, 2016 - is implemented in Maharashtra:



Hi Ravi Sir,
I got your reference from one of my friend.
I am looking for my first home and I am working in Software company in Yerwada.
My budget to buy 2/3 bhk flat is 60lac.
I got two properties: 29 gold coast and Skyway Sereno.
Both the properties are in my budget. Should I book there ? Or any other suggestions.

Regards

Like the above email, everyday you write to me at ravikarandeekar@ravikarandeekar.com to seek my advice about booking a flat in some project in Pune real estate market.

You short list projects on 2 parameters. 1) Location & 2) Budget.

You write to me because you are aware that you can not make your decision of booking a flat only on location & budget.

You have to consider a couple of more important parameters.

And I admire you for your awareness.

I feel honored to share my views about your shortlisted projects.

However, at this point of time, I have to remind you again & again about RERA - Real Estate (Regulation and Development) Act, 2016.

Have you read my blog on Maharashtra RERA Rules?

Are you aware that if approved as published, Maharashtra RERA Rules will give legal authority to the builders to dominate, victimize & intimidate flat buyers in Maharashtra?

Most of the time your reply is - No. I am not aware about RERA. I am not aware that Maharashtra RERA Rules are against flat buyers.

Okay. Being dumb is not a crime. So don't punish yourself. Instead of that learn about RERA. You will find original English & Marathi RERA Rules and 5 objections against Maharashtra RERA Rules on my blog.

After reading my blog - you will realize that you should not book a flat till Maharashtra Government finalizes the RERA Rules.

And then you have to confirm that Maharashtra RERA Rules are as per Real Estate (Regulation and Development) Act, 2016 passed by the Indian Parliament.

It means that you can book a flat only after the confirming that Maharashtra RERA offers protection to the flat buyers.

If Maharashtra RERA is a mockery of RERA Act passed by the Central Government - if it is diluted - then instead of booking a flat - you have to come on the road and start Andolan & go to court against Maharashtra Government.

Since the deadline for the implementation of RERA is April 30, 2017 - in the months of February, March & April in 2017 - you should not even think of booking a flat in Pune real estate market.

I keep on telling this to everyone who writes to me. I also share these links -

1) Centre nudges states to notify Real Estate Regulation and Development Act rules by May 1

2) States can’t dilute Real Estate Act; Shri M.Venkaiah Naidu warns of public outcry

3) Planning to buy a house? Wait till May 2017

4) Wait for one more year before you can seek shelter under Real Estate Act

5) Protection At Last

6) What does real estate Act change for you?

7) How the RERA Act is Changing Real Estate in India

8) 5 Objections Against Maharashtra RERA Rules

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.

My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.

If you want my advice, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001



  

3 comments:

  1. There are still some grey areas which needs to be thought about by flat buyers.
    RERA final form is still unknown. If MH Govt dilutes RERA, it will be challenged in SC but till then, it will be as good as having no RERA. On positive side, if MH RERA is strong, then for it's full scale implementation, especially redressal mechanism will require some more time. I don't see things settling down fastest fast by end of 2017.

    Now here's the catch - all projects which haven't received completion certificate by 1st May 2017 will come under ambit of RERA. What if buyer have booked flat in under-construction flat whose builder has gone bankrupt ? This builder will neither have money to deposit the pending amount of 70% in escrow account, nor any intention to complete the project either. Yes, in such case, the builder will be thrown in jail upto 7 years with fine but what about possession of flats ? Selling off builders assets, if available & recovering money to pay to buyers is again tedious task & finally even if Govt recovers the money, all the time of flat buyer will be lost + paid headache.

    Therefore, till we see the functioning of RERA over a period of atleast 1 year, it is better to buy ready for possession flat with all approvals. Only additional but important advantage of buying ready for possession flat post RERA from builder would be that buyer will get warranty of 5 years for construction issues like seepages etc.

    One useful article for flat buyers as well as hoarders. See how property prices are going to fall further.

    How cap on second home incentive will impact real estate sector -

    Rs2 lakh cap on set-off of losses from house property will impact real estate investors significantly

    http://www.livemint.com/Money/f9JxyCNXdw8LBukhH4h49K/How-cap-on-second-home-incentive-will-impact-real-estate-sec.html

    ReplyDelete
  2. Unitech chairman, 2 MDs get 3-year jail term for not complying with court orders -
    The commission also issued non-bailable warrants against Unitech chairman and MDs along with charging a fine of Rs 10,000 each

    http://realty.economictimes.indiatimes.com/news/regulatory/unitech-chairman-2-mds-get-3-year-jail-term-for-not-complying-with-court-orders/57216177

    ReplyDelete
  3. @The Monk - What would be the best time to enter into Pune Real Estate market ?

    ReplyDelete