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Real Estate Companies In Gurgaon Thriving on Politicians Money

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Real Estate Companies In Gurgaon Thriving on Politicians Money

Last updated: May 18 2016
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  • Real Estate Companies In Gurgaon Thriving on Politicians Money

    Hi
    Greetings

    It is a Long Known fact that Politicians money has been invested in Real Estate Companies In Gurgaon.

    To facilitate these investments state bureaucracy, executive, police and administration are used by the ruling party.

    SOME OF THE ACTS/LAWS Mended include
    - Haryana Developemnt and Regulation of Urban Areas Act Rules / Acts
    - Land Acquisition Act
    http://rural.nic.in/sites/downloads/..._LR19dec13.pdf
    - Manipulation of circle rates by the adminstration Revenue Department, Haryana
    - Societies Registration Act http://haryana.gov.in/society_rules_2k12.asp
    - Haryana Apartment Owners Act 83 Rules / Acts

    Few examples are
    - Not allowing Cooperative Group Housing Societies to do undertake projects in smaller area, (we have examples of many successful state/central/semi govt/pvt sector employees CGHS in gurgaon)
    - To issue notices u/s 4, 6 to secure preferred builders land banks and subjugate those with pucka houses with all govt amenities and facilities albeit unauthorised, causing long and unwinding litigations,
    - Creating an entry barrier by increasing minimum land requirement to 10 acres for GHS to favour builders,
    - Relaxing Requirement of Income tax clearance certificate for builders seeking licenses with dubious antecedents.
    - Relaxed interest rates for REPUTED BUILDERS for delays in statutory payments like EDC/IDC etc while allowing builders to charge from buyers any rate,
    - Compounding of all/most offences of builders under the HRD Act> COMPOSITION POLICY for Plotted and Group Housing Projects
    - State Monopoly created by legalising projects approved by DTCP and misused by builders,
    - No clarity and loopholes in ascertaining Financial and Project Execution capabilities of companies being bestowed with CLUs/licenses.
    - No audit and enforcement of Undertakings by builders in license pertaining to environmental clearance, adherence to approved building plans,
    - Loop holes pertaining to Carpet Area, Super Area, Balconies and misuse entitled FAR
    - Charging of Parking inspite of Equivalent Covered Space as per HUDA bye Laws to be provided with each apartment as part of unit and Supreme court and CCI orders.
    - Rules pertaining to DELAYS while RBI has strict guidelines for on providing housing loans to builder projects to be completed within 3 years. To make this as strictly enforceable law to be adhered by licensees and banks authorised by NHB for selling home loan projects. This is important as tax benefits on home loan becomes ineligible due to delays by builders in project handing over
    - Rules pertaining to UNETHICAL , Arbitrary and ILLEGAL Charges and clauses.
    - Rules pertaining to compulsory completion certificate by builders after occupation certificate has been obtained
    - Enforcement of transfer through conveyance deed, in a time bound manner, of common areas as required under Haryana Apartment Ownership Act and NO COMPOUNDING of such offences.
    - Compulsory formation of RWA and simplification of rules pertaining to Societies Act,
    - Non provision and massive delays in provision of Basic and Essential common and community facilities by builders, as required by the act,
    - No control and check over cartelisation by builders and enforcing, unilateral, arbitrary and unethical trade practices.
    - Non provision of basic public infra enabling habitation in a stipulated time frame, while providing licenses to private builders allowing them to sell residential units. Resulting in massive cost overruns and subsequent hardships of escalation, uncertainties and lack of habitability on buyers
    - Frequent transfers of police, dc, town planners, administrators reducing efficacy and continuity of rule of law and developmental process
    - Non utilisation/lopsided use of funds under various development schemes and revenues eg JNNURM, EDC/IDC collected etc.
    - Offer of Possession without obtaining OC thus creating 100s of CAMPA COLAs
    - No action and audit against builders abusing green areas for creating third party interests and commercialisation, sometimes after OC.

    The idea is to make a proposal to the new BJP govenment which has come on the promise of Good Governance and inclusive growth.

    Further, to push the state and central BJP government to have a Regulator in place. A Petition shall be sent to Mr Khattar to repeal all such narrow, short sighted and arbitrary changes and plug loopholes.

    Request members to provide more such examples with specific sections of various acts which have been meddled with with singular objective of favouring politician sponsored builders.

    Cheers
  • #2

    #2

    Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

    Rules pertaining to DELAYS while RBI has strict guidelines for on providing housing loans to builder projects to be completed within 3 years. To make this as strictly enforceable law to be adhered by licensees and banks authorised by NHB for selling home loan projects. This is important as tax benefits on home loan becomes ineligible due to delays by builders in project handing over.""

    Hey this is news to me. Are you sure you are correct about this? Then how many of the buyers in Gurgaon will be able to avail tax benefits?

    Comment

    • #3

      #3

      Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

      The acquisition or construction should be completed within three years from the end of the financial year in which the amount was borrowed

      Originally posted by Counterfeit View Post
      Rules pertaining to DELAYS while RBI has strict guidelines for on providing housing loans to builder projects to be completed within 3 years. To make this as strictly enforceable law to be adhered by licensees and banks authorised by NHB for selling home loan projects. This is important as tax benefits on home loan becomes ineligible due to delays by builders in project handing over.""

      Hey this is news to me. Are you sure you are correct about this? Then how many of the buyers in Gurgaon will be able to avail tax benefits?
      Hi
      Greetings

      ON INTEREST ON HOME LOAN
      How to claim income tax benefits for Your Housing Loan

      Tax benefits on home loan - Economic Times

      The amount should have been borrowed on or after April 1, 1999 to acquire or construct a residential property.

      The acquisition or construction should be completed within three years from the end of the financial year in which the amount was borrowed. The bank extending the loan certifies that interest is payable on the amount advanced for acquisition or construction of a house, or as refinance of principle amount outstanding under an earlier loan taken for such acquisition or construction. If these conditions are not met, the interest on borrowed capital is deductible up to Rs 30,000.
      ON RBI GUIDELINES ON INDIRECT HOME LOANS

      http://rbidocs.rbi.org.in/rdocs/noti...HF290613FL.pdf

      INDIRECT HOUSING FINANCE
      3.1 General
      Banks should ensure that their indirect housing finance is channeled by way of term
      loans to housing finance institutions, housing boards, other public housing agencies,
      etc., primarily for augmenting the supply of serviced land and constructed units. It
      should also be ensured that the supply of plots/houses is time bound and public
      agencies do not utilise the bank loans merely for acquisition of land. Similarly,
      serviced plots should be sold by these agencies to co-operative societies,
      professional developers and individuals with a stipulation that the houses should be
      constructed thereon within a reasonable time, not exceeding three years.
      For this
      purpose, the banks may take advantage of various guidelines issued by NHB for
      augmenting the supply of serviced land and constructed units.
      Cheers
      Last edited November 20 2014, 07:06 PM.

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      • #4

        #4

        Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

        Comment

        • #5

          #5

          Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

          Originally posted by Counterfeit View Post
          Hi
          Greetings

          Hope your find reasons good enough to put momentum to this effort in voicing genuine concerns of hard working, tax paying, law abiding citizens who have put their family, social and personal equity at stake, in an constitutionally guaranteed right to own a home.

          Irony is that I have proof of Banks and financial institutions, which are run on public money and controlled by RBI, are apparently hand in glove with builders as
          -proof of Home loan against units NOT approved by the sanctioning/competent authority
          -proof of home loans against units that are totally unauthorised and unapproved
          -proof of funds released by Public sector and Private Sector home loans agencies ahead of Construction linked plans

          are all available and informed to NHB, RBI and concerned Financial institution.

          IRONY 1 NHB, the Govt Agency approving licensees in terms of Private and Public sector banks and financial institutions for retailing Home loan project is supposed to be constituted of sector experts and representatives of Central banks
          NHB
          6. Board of Directors.- (1)The Board of Directors of the National Housing Bank shall consist of the following, namely:-
          (a) a Chairman and a Managing Director:
          Provided that the same person may be appointed as Chairman and Managing Director;
          (b) 6[two directors] from amongst the experts in the field of housing, architecture, engineering, sociology, finance, law, management and corporate planning or in any other field, special knowledge of which is considered useful to the National Housing Bank;
          7 [(c) two directors, who shall be persons with experience in the working of institutions involved in providing funds for housing or engaged in housing development or have experience in the working of financial institutions or scheduled banks;
          (ca) two directors elected in such manner as may be prescribed by shareholders other than the Reserve Bank, the Central Government and other institutions owned or controlled by the Central Government;]
          (d) two directors from out of the directors of the Reserve Bank;
          (e) three directors from amongst the officials of the Central Government;
          (f) two directors from amongst the officials of the State Government.
          (2) The Chairman, the Managing Director and other directors 8[excluding the directors referred to in clauses (ca) and (d)], shall be appointed by the Central Government in consultation with the Reserve Bank and directors referred to in clause (d) shall be nominated by the Reserve Bank.
          I guess these "EXPERTS" are allgedly working to the advantage of Builders and Banks and Buyers fall on their last priority. The poor buyers absolutely may be an ebullient writer on IREF but is not expected to be an expert on such matters and certainly does not have powers vested in NHB.


          IRONY 2 Public and Private Financial Institutions, run on public money either as investors or depositors pay scant attention to their own declared core values and policies. Reading one such case appears more like a marketing ploy that the spirit of regulation
          LIC HFL - LIC Housing Finance Limited
          To promote good & fair practices by setting reasonable Standards in dealing with Customers;

          To increase Transparency so that the Customers can have better understanding of what they can reasonably expect of the Services;

          To encourage Market forces, to achieve higher Operating Standards;

          To promote a fair & cordial relationship between Customer & LICHFL;

          To foster confidence in Housing Finance System.
          LIC HFL - LIC Housing Finance Limited
          No adverse personnel action should be taken against an employee in knowing retaliation for any lawful disclosure of information on a matter of stakeholders / public concern to an audit committee, which information the concerned employee in good faith believes evidences for :

          A violation of any law,

          Mismanagement,

          Gross waste or misappropriation of Company funds,

          A substantial and specific danger to public health and safety; or

          An abuse of authority collectively referred to herein as "alleged wrongful conduct."
          IRONY #3 RBI GUIDELINES STRICTLY PROHIBIT ANY OF ITS APPROVED LENDING ARMS, LICENSEES, HOUSING LOAN PRODUCT RETAILERS TO FINANCE ANY PROJECT WITHOUT APPROVALS
          Reserve Bank of India

          A. Housing Loan for building construction

          i) In cases where the applicant owns a plot/land and approaches the banks/FIs for a credit facility to construct a house, a copy of the sanctioned plan by competent authority in the name of a person applying for such credit facility must be obtained by the Banks/FIs before sanctioning the home loan.

          ii) An affidavit-cum-undertaking must be obtained from the person applying for such credit facility that he shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan and it shall be the sole responsibility of the executants to obtain completion certificate within 3 months of completion of construction, failing which the bank shall have the power and the authority to recall the entire loan with interest, costs and other usual bank charges.

          iii) An Architect appointed by the bank must also certify at various stages of construction of building that the construction of the building is strictly as per sanctioned plan and shall also certify at a particular point of time that the completion certificate of the building issued by the competent authority has been obtained.
          IRONY #4 IN CASE OF DEFAULT/LIQUIDATION/CRIMINAL CONDUCT OF BUILDER, OR IF HE SIMPLY QUITS, COURTS, BUYER CANNOT STOP PAYING EMIS OR LOOSE RIGHT TO ANOTHER LOAN FOR ANY THING FOR LIFE!!!!
          This is inspite of courts having favoured the buyer and ordered builder to pay 12% interest on all payments. But nothing against the bank who is supposed to be deploying professionals from all fields.
          Faced with defaults, buyers forced to pay EMIs for homes that won't be delivered anytime soon - Economic Times
          Dream homes turn into nightmares - The Times of India
          Though she won the case at the state commission, and the decision was upheld by the national commission as well as the Supreme Court, asking the builder to refund money with 12% interest, the irony was that she can't take another loan today
          Therefore, it is not only loss of tax benefit on interest paid but delays have a deeper reason to worry about. It is therefore strictly advised NEVER TAKE A HOME LOAN ON UNDER CONSTRUCTION PROPERTY. There is a clear cut nexus between builders, babus and banks, who strip of individuals personal equity for financing their land banks and high life style.

          RBI itself has not felt shy to point out horrific outcomes of catchy, flashy and innovative 80:20 type home loan products
          Reserve Bank of India
          13.2 Such housing loan products are likely to expose the banks as well as their home loan borrowers to additional risks e.g. in case of disputes between individual borrowers and developers / builders, default / delayed payment of interest / EMI by the developer / builder during the agreed period on behalf of the borrower, non-completion of the project on time, etc. Further, any delayed payments by developers / builders on behalf of individual borrowers to banks may lead to lower credit rating / scoring of such borrowers by credit information companies (CICs) as information about servicing of loans gets passed on to the CICs on a regular basis. In cases where bank loans are also disbursed upfront on behalf of their individual borrowers in a lump-sum to builders / developers without any linkage to stages of construction, banks run disproportionately higher exposures with concomitant risks of diversion of funds.
          Banks, Home Loans and Financial Instutitions are just one side of the whole problem associated with non delivery and state sponsored crony capitalism. State has created monopoly in providing legal licensed housing through DTCP but shys away from any responsibility due to porous legislatures oft fiddled by the bureaucrats to tip them in favour of builders. Builders in turn work in cartels and follow corrupt/illegal/unfair market practices.

          Kindly support with inputs so that a comprehensive Petition may be forwarded to New CM and also tying his responsibility for setting right with such lopsided, unilateral, illegal, unfair situation.

          Cheers
          Last edited November 20 2014, 07:06 PM.

          Comment

          • #6

            #6

            Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

            Lemme start the list with my humble contribution
            Builder- Promoter - Party And Politician
            Vatika- Bhallajis - CPM Money from Jyoti Basu.
            DLF - In this case certain shareholding belongs to non-promoters (complicated corporate structure)aka Politicans such as Vadra,Rahul Gandhi and Kamal nath so this is a truely corporate player - Kamal Nath Personal funds. He for example bought DLF EMPORIO for 500 Crores
            IREO- Suddanshu Mittal aka Tambuwalla from BJP.

            So I am being fair by giving a third front party,Congress party and BJP Party.
            Add to the list guys.
            Last edited October 27 2014, 10:09 PM.

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            • #7

              #7

              Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

              Era group- avtaar bhadana ex mp faridabad

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              • #8

                #8

                Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

                Bestech-arun jaitely again bjp

                Comment

                • #9

                  #9

                  Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

                  Ramprastha- kunaal bhadu son in law of ex cm hudda

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                  • #10

                    #10

                    Re : Real Estate Companies In Gurgaon Thriving on Politicians Money

                    Vadra saab ko kaise bhul sakte hai bptp amstoria

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