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- Today i visited Sec 105 and Sec 135. I was traveling along service roads along expressway around WT. No sign of any activity or work.CommentQuote0Flag
- I visited WT on Friday morning. There were lots of trucks and labour coming in for duties. Was happy to see at least 30+ plots under construction in KP 2 alone, where construction activity was underway with private contractors. I was told KP1 had even more. A couple of the KBA towers looked to have advanced further. GC side also had maintenance activities going on with a large team pruning trees along roads. Overall, there appeared to be more activity than I have seen in previous visits this year.CommentQuote1Flag
- Many investors will build for minimum CC as construction deadline is approaching. Other may wanna delay CC by paying penalty for a short while.CommentQuote0Flag
- Until now supreme court has allowed buyers to get refunds from builders and reserved judgement on the penal interest (with refund) OR delayed possession penalty.
Hearing of arguments in supreme court is expected to start in coming months (Unitech Jan17 ... Parasvnath Dec16 .... Jaypee Kalypso Nov16)
1. Weather builders are liable to pay interest on refund of a delayed project OR are liable to pay delayed possession penalty
2. How much should be the maximum amount (upper limit) of this penalty compared to cost of apartment ?
3. What should be ideal grace period for delay, because of unforeseen situations like NGT etc..
I noticed one very interesting aspect of handling a secured loan by banks VS court proceedings w.r.t unsecured advances from customers.
Whereas interest is the primary component and should always be paid before principle to banks;
Same interest becomes secondary and debatable aspect when it comes to customer advances.
Courts have to set a precedence and order exemplary penalty inorder to uphold customer advances on similar levels like banks secured loans. Although supreme courts might want to side the general public sentiment of upholding NCDRC judgement on penalty; common sense tells me loan from a bank VS advance to accomplish a task are two different things all together.
For a moment assuming in terms of common man situation -
If a contractor takes advance from you for doing certain job like modular kitchen or internal finishing etc.. is he liable to pay interest on capital if he somehow happened to delay the task ? Obviously no one demands interest from him, maximum if he is unable to do the job we demand our money back. OR if he did a shoddy job we deduct some amount from final payment.
Then why situation becomes so very different in case of a developer ( BIG contractor ) unable to give houses on time? Simply because amount involved is BIG !!
Post RERA implementation this ambiguity will get clarified and there will be rules to protect customer interests, but i doubt if this could be implemented retrospectively especially the delay penalty & interest part.
In absence of a clear contract between 2 parties builder and customer much damage is already done over last decade or so.
Question for the court to answer would be
" Should the developer be liable to pay anything more than equivalent rent ( max. @2.5% in india ) for delaying the project beyond grace period ? "
If court decides rent as basis for compensation then it will be victory for the entire developer lobby... which direction will the courts be heading towards... well time will tell impact of high profile laywer team representing developers.
UP ROLLS OUT RERA:
In good news to homebuyers in Noida and Ghaziabad, the Uttar Pradesh housing and urban planning department rolled out the Uttar Pradesh (Regulation & Development) Rules, 2016, on Tuesday.
The Centre had also on Monday finalised the rules under the landmark realty law that will not only protect new homebuyers from unscrupulous developers but also safeguard the interest of allottees of ongoing projects.
The rules were finalised and notification was issued on October 27.
The rules by the Centre have cleared the opacity around ongoing projects that have not received completion certificates till now.
On the other hand, the UP Rules have defined the ongoing projects as ones where development is going on and for which the completion certification has not been issued.
Read more: UP regulatory body to keep Noida, Ghaziabad realtors in check
However, this comes with several exclusions like projects where services have been handed over to the local authorities (like RWAs) for maintenance.
We had opposed the latter (RWA clause) earlier too. It is because there are many instances where builders refused to run the maintenance of projects and RWAs had to take over the maintenance to run the essential services. In many cases, only the maintenance and services were taken up, and not the project, said Alok Kumar, founder, federation of association of apartment owners, Ghaziabad.
The excluded projects include those where all development work have been completed and sale/lease deeds of 60% of the apartments/houses/plots have been executed or where all development works have been completed and application has been filed with the competent authority for issue of completion certificate.
As per the UP Rules, any refund of money along with applicable interest and compensation, in terms of the Act or rules and regulations, is payable to the allottee within 45 days from the date on which such refund becomes due.
It is a major step towards the protection of the homebuyers as many of them have waited for years to get possession or the refund. Once we find that changes in the rules are needed further or they are weak, we will further approach the highest authorities to get them modified, said Abhishek Kumar, president, Noida extension flat owners association (NEFOWA).
The rules have laid down that the regulatory authority will ensure project information is available on its website and that the promoter will upload updates of the projects on the webpage within seven days from the expiry of each quarter.
The buyers had to toil hard and dig out each and every detail to their satisfaction before buying a house/flat. It was a major demand that projects should have fixed timelines for completion and the project launch should take place only after necessary approvals and NOCs. This will pave a way forward to put a curb on delays, Kumar added.
The rules have further announced registration of real estate agents which are required to make an application for registration to the regulatory authority.
The Real Estate (Regulation and Development) Act, 2016, was passed in both the Houses of Parliament in March and came into force in May. The state governments were asked to frame Rules for the Act and constitute the Real Estate Regulatory Authority (RERA), the regulatory body with which developers have to register their projects.CommentQuote0Flag
- Today I noticed that the plot next to Pebble court had been barricaded with blue and white boards. Jaypee probably sold that land too
On asking the guard at Pebble court, he said land has been sold to 'mahakal'
Who or what is mahakal.. God knows!! maybe mahagun...
He said work has started for pebble court as well...
While selling land is a good idea to raise cash and start work, I hope they dont sell land to nonsense fly by night builders and dump the township further into hellCommentQuote0Flag
- Land in Wish Town has been sold to so many builders. Is it still a Wish Town.? Whose responsibility is it now to maintain Wish Town?CommentQuote0Flag
- As long as do not sell the golf â›³ï¸ course rest we assured mahakaal will stay away ðŸ™ðŸ»CommentQuote0Flag
- Yesterday, I could see a lot of players on the golf course throughout the day. @dineshsays , What i don't understand is that all these people must have paid 10 lakhs for membership. Why isn't there any pressure on Jaypee to complete Boomerang Club?CommentQuote0Flag
- Guys ... how is JP Klassic? Is it RTM and liveable?CommentQuote0Flag
- Yes many Towers in Klassic are RTM and liveable...CommentQuote1Flag
- I'm looking for 2 BHK flat in jaypee wish town Noida. Can someone help me with any leads or contact details? I'm targeting those societies inside wish town which are nearing possession.CommentQuote0Flag
- Originally Posted by rasik210I'm looking for 2 BHK flat in jaypee wish town Noida. Can someone help me with any leads or contact details? I'm targeting those societies inside wish town which are nearing possession.
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- Hi all, anyone knowing please advise - When does the maintenance meter starts, from the date of possession or any other. Also who manages the warranty of gadgets installed by JP (ACs, exhaust, taps). Does JP hand over warranty cards for these on possession?CommentQuote0Flag
- Hi.....Jaypee has informed that OC for B4 tower in Klassic has been received. Can anyone inform whether OC is final approval for builder to offer possession or any more approval reqd. Thanks ..CommentQuote0Flag