Suzanne

Sealing effect on Delhi real estate

THE SEALING drive against unauthorised shops will resume on November 2.
It was originally scheduled to start from November 1, but has been deferred by a day as it was coinciding with the final day of the 72-hour bandh by Delhi’s traders.

On Monday, the Supreme Courtappointed Monitoring Committee had filed a report with the court, advising that the sealing drive should not be resumed on November 1. It had sought 15 more days to decide on a new date. This had raised hopes among the traders of a reprieve for at least a fortnight. Less than 24 hours later, the MCD said the committee had instructed it to begin sealing shops again from November 2.

Will the Sealing drive in Delhi marr its real estate credibility?

amritanshu

I dont think the sealing has much role to play in the Realty sector...

See the sealing is for unauthorised property construction which is a repercussion of "Chalta hai" attitude.... If the MCD allowed to carry the construction then its their fault but first its our fault that why we went to give a thought to construct on a non residential or commercial plot..

Tell me if i am wrong.....

Bingo

You are absolutely right, friend!
Even I don't think the sealing drive will have any repurcussions on real estate.

Howerver, I do feel sorry for those affected by the callous attitude of the authorities.

I think people should take it as a lesson to be careful before making property investments. And verify the property norms and goverment allotment procedures before investments.

Tanuj

I wonder if there are any appropriate actions taken to ensure that such situations do not arise in the future.

Not only in Delhi but also in other parts of the country....

I agree Bingo that 'Investors need to be more aware of their rights.'

Real estate investments is not like going about on a shopping spree I hope.

analyst

Sealing commercial establishments shall not remain limited to 45000 affidavit establishments. In fact this will cover over 100,000 small and big units causing sealing very fate of Delhi. I believe within next two months Delhi will be in big trouble due to loss of business and may see reverse migration. All this will categorically result in crash of real estate and consecutively loss of capital of investors affecting all of India producing a cascading effect. Most of the investors in real estate in India are first generation and one big crash could mean a catastrophe for the national economy. I believe sealing is monstrous and a satanic tool. If one can withdraw from real estate asap the better.

Bingo

Delhi Demolitions lead to Rs 9,000-cr bad debts

There is a news about leading banks be loosing between Rs 7,200 crore to 9,000 crore as bad assets on housing loans paying out in the gone by years, with the Municipal Corporation of Delhi knocking down illegal property.

The problem occurred since most banks, in a rush to stay ahead of the rivals, have financed loans without carrying out the proper documentation.

Do you think banks will learn a moral to tread cautiously in future?
Would like to hear more from you friends....

Rashmi

With the January 6 deadline for announcing the new Master Plan 2021 approaching fast, the officials of the Delhi Development Authority (DDA) and town planners were busy in trying to bring about a consensus.

The local politicians, cutting across party lines, have been trying to persuade the town planners to go it easy on ear marking roads and areas in various colonies for commercial purposes in the wake of the contentious sealing drive.

The agitating traders have been appealing to the politicians to ensure that the traders are properly accommodated under the new Master Plan.

However, with the courts looking over the necks of the town planners, their job has not been easy.

Meanwhile, traders have decided to continue with their agitation with unity and have formed a vote bank to pressurise the politicians as the elections to the Municipal Corporation of Delhi are only a couple of months away.

- Tribuneindia