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Haryana government lays down mandatory details for private realty advertisements



NEW DELHI: The Haryana government has made it mandatory for all private realtors to specify their project licence number, layout plans and the total number of apartments to be built in their advertisements, and any failure to do so could invite three-year prison term, a top state official said on Saturday. Haryana is the first state to introduce such a regulation.

Mushrooming building projects have prompted realtors to put catchy advertisements often overselling their projects and sometimes giving sketchy details. Analysts say this move will help bring transparency and provide home buyers clarity to help make a choice. The new rules for realty advertisements will come into effect immediately.

The state government's notification, issued by the town and country planning department (DTCP) on Friday, has punitive provision for non-compliance of these norms. "Offenders will face three years' imprisonment. Private developers have been putting out all kinds of advertisements, and in several cases buyers are clueless about whether these projects are approved by the government or not," said T C Gupta, director general of DTCP told TOI.

There have been complaints galore to DTCP from buyers since they are worried about the projects' authenticity. "People spend their lifetime savings to buy a house. We can't allow developers to loot people like this," Gupta said while interacting with realtors in Delhi.

Haryana industry secretary Y S Malik agreed with Gupta. He said he has been flooded with calls from harried buyers. "I have been receiving calls from several people, seeking projects' details. I would often take DTCP's help to gather the information," Malik said. Officials are concerned about growing complaints of fraud. "Several FIRs have been filed with Economic Offence Wing of police in Haryana and other states," DTCP's Gupta said. He cited several examples, where builders had sold apartments well above the licencing authority's sanctioned limit.

Gupta said he has asked district town planners (DTPs) across the state to file FIRs against violators. "I've asked each DTP to get an FIR lodged every week. There will be no compromise," he said. Realtors welcomed the move. "It's a historic move by any state. It will help clear the dirt. People will have greater faith in the industry," Navin Raheja, chairman of ASSOCHAM national council on real estate, said and urged other states to follow Haryana's example.

DTCP has cleared maximum files related to change of land use (CLU) - primarily for residential purpose - in the past year. "We're compiling a list of all such CLUs in the past two years. These will be posted on our website so that people get a fair idea of the projects before investing," Gupta added.


Haryana government lays down mandatory details for private realty advertisements - The Economic Times

frugality

27 Story 4.75 Lakh Sq feet building sold in 32 Crore


CLEVELAND - Bidding has ended on Cleveland’s foreclosed 23-story KeyBank Center.
The 475,789 square foot building on Superior Avenue sold for $7.15 million.
Bidding began on Monday afternoon at $3.5 million and ended at 2 p.m. on Wednesday.
The KeyBank Center has a long history of housing some of Cleveland's most prominent financial institutions, law firms, and investments brokerages.


KeyBank Center auctioned off for $7.15M
475,789 square foot 7.15 Million USD
690 Rs per Sq Feet ...... and that too in heart of Cleveland...
This is the rate of sale of COMMERCIAL ...... which are generally higher then the Residential rates.


And this deal is done a week back ... much before the recent market turmoil started ......

Here I feel all the novice Buyers are being taken for ride..

Alll is Welll .....