All,
I believe we are all waiting for the real estate regulator to start functioning in India in 2010 to help us solve some of the problems we have.We, as consumers have been facing frauds since last 5 years. I request all those reading the thread post an update, if there is any about the initiative/regulator.
Also, it is our responsibility to start talking within our groups about the same and the Congress has been purposely delaying the Regulator which has been tried atleast 3 times in the Parliament since last 10 years.

Hope we as consumers create some pressure on the government, the builders have clearly expressed their displeasure on the same.

Thanks
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  • Originally Posted by piyushchamedia
    All,
    I believe we are all waiting for the real estate regulator to start functioning in India in 2010 to help us solve some of the problems we have.We, as consumers have been facing frauds since last 5 years. I request all those reading the thread post an update, if there is any about the initiative/regulator.


    There was a initiative taken by Mr Nitin Degaokar to form buyers yahoo group. He got many people sign up for the group and that was end of it (?)
    As far as members know that was end of it. Nothing happened there after.
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  • Personally I too want to have strong and working regulatory body for keeping tab on unorganized RE in major metro cities.But these are fairy tales.

    Kind of experience we have after independence from License Raj. I fear that this body will meet same fate. Rampant corruption and pro-builder regulators will defeat sole purpose of this body. ‘Realacre’ in some other post have mentioned about new city planning body being formed in 2007 for pune city. Yet they have not meet once . I think CM is suppose to be conveyor.

    I believe less government is and should be way to go. RE exuberance will correct on its own when liquidity abundance is addressed. If buyers are willing to pay ridiculous amounts for buying properties even regulators cant stop them. Slowness of mad rush and less speculative buying will address RE hype.
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  • Originally Posted by informsantosh

    I believe less government is and should be way to go. RE exuberance will correct on its own when liquidity abundance is addressed. If buyers are willing to pay ridiculous amounts for buying properties even regulators cant stop them. Slowness of mad rush and less speculative buying will address RE hype.



    Agree with Santosh, Regulators can only ensure there are no frauds done, in terms of what is promised and delivered/late deliveries etc.

    RE prices will/can correct only when the Demand vs supply ratio turns in favor of buyers, with more supply and less demand.

    I read in some thread where one person booked in pre - pre launch offer. Unless people stop this mad rush, prices wont come down.
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  • I don't know what impact RE regulator will have on prices, but atleast it will be assured that the buyers get their flat in time after payment is done. Also, bookings without proper sanctions won't be allowed, if done, the builder will be blacklisted. The layout mods in between too will be tougher for builders. So, what you see at time of booking is what you will get at the end.

    Hence, atleast the security of buyer in terms of post-RE purchase will be ensured:) + ratings will be given to builders so for the buyers to make wise decisions:).
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  • Yeah and people will get real ranking of builders. As of today, if you ask any buyer, his builder is very good and very reputed and delivers quality
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  • And builders like Godrej Properties, Shapoorji Pallonji, Tata Housing have welcomed this move of setting of RE regulator:).
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  • Who can regulate Dada "Power" company :D
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  • Originally Posted by puser
    Who can regulate Dada "Power" company :D

    As time passes, they will commit suicide. Don't worry, their days are numbered:).
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  • Originally Posted by realacres
    As time passes, they will commit suicide. Don't worry, their days are numbered:).


    I must say that you are a Optimistic person:D.
    But in general, good people are loved by even God and he calls them early. Its the less loved ones who God does not want them to come to him early. These people keep sucking others blood on earth.
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  • Originally Posted by realacres

    Hence, atleast the security of buyer in terms of post-RE purchase will be ensured:) + ratings will be given to builders so for the buyers to make wise decisions:).


    Ranking are misleading and can be manipulated let me give example.
    As in other thread u mentioned ‘Kunal icon’ was comparatively better executed then same builder coz of greed screwed up other his own projects. So technically he would have started with good rating and then he will keep on cheating people.

    Lets generalize look at the engineering colleges approved by ‘AICTE’ as former student of private education institute run by one of the education mafia in Maharashtra. First hand I have seen circus to get good ratings for non exiting labs and equipments. Same happens with medical colleges without proper building and infrastructure they run virtual colleges. Lets cross ocean and see big rating agencies Moody’s and S&P. One of the reason subprime mortgage crisis blame is shared by rating agencies as they rated triple A to junk bonds and investment banks brought those believing in ratings. Suddenly after early 2008 these rating agencies brought down to junk status which lead bond owners to write off assets those from their balance sheets.

    I agree that some regulation is better than nothing. At least this agency will be deterrent for lousy builders, Smart builders will manage regulators.

    Implementation of this body is important. I think political will to do so and urgency in general public is missing.
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  • Originally Posted by piyushchamedia
    All,
    I believe we are all waiting for the real estate regulator to start functioning in India in 2010 to help us solve some of the problems we have.We, as consumers have been facing frauds since last 5 years. I request all those reading the thread post an update, if there is any about the initiative/regulator.
    Also, it is our responsibility to start talking within our groups about the same and the Congress has been purposely delaying the Regulator which has been tried atleast 3 times in the Parliament since last 10 years.

    Hope we as consumers create some pressure on the government, the builders have clearly expressed their displeasure on the same.

    Thanks


    Folks, go on this link and raise your demand about RE regulator to PM's office - http://pmindia.nic.in/write.htm
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  • Originally Posted by RAJESHP
    I must say that you are a Optimistic person:D.
    But in general, good people are loved by even God and he calls them early. Its the less loved ones who God does not want them to come to him early. These people keep sucking others blood on earth.


    And in turn helping GOD to get hold of these good people (aam janta like us) early in their life.;). THEY ARE DOING GOD'S WORK. MIND YOU.
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  • DEEPAK PARKEH INTERVIEW!!!!!

    Deepak Parekh: Easier Said, Hardly Done


    Published on Sat, May 29, 2010 at 14:33 | Updated at Sat, May 29, 2010 at 16:52 | Source : Forbes India

    By Deepak Parekh
    Numerous committees have come and gone but financial sector reforms largely remain on paper. The government needs to act now
    Deepak Parekh, 65, is India’s foremost infrastructure finance veteran with a career that has straddled both public and private sectors for four decades. A chartered accountant by training, Parekh joined Housing Development Finance Corp. in 1978 after stints in international banks. Soon, he rose to become HDFC’s managing director and later chairman. He brought the concept of home mortgage to the door steps of middle class Indians. For the government, he is the go-to guy for complex finance issues. The government honoured him with a Padma Bhushan in 2006.

    We live in a world where comment is free but action is at a premium. The global financial crisis proved to be a bonanza for economic researchers and editorial writers who wasted no time in publishing reams of opinions on how to emerge out of the crisis and ensure it does not happen again. How many of these big ideas will translate into action on the ground, is anybody’s guess.


    In India, in particular, there is no dearth of big ideas. Everyone seems to have an opinion on every subject. But we seem to develop cold feet when it comes to implementation. The next phase of our collective thinking on economic reforms should hence be focussed not on bringing out more reports but on achieving proper and timely implementation of the ideas we already have.

    The financial sector has been crying out for reforms for quite some time now. Over time, we have developed a complex web of bureaucratic hurdles, multiple regulators and policy ambivalence on significant issues. Numerous committees have laid roadmaps for financial sector reforms dating back to the very beginning of economic reforms in our country in 1991, but many of these recommendations are still waiting to see the light of day. As someone aptly put it, “If you cannot commit yourself, committee yourself.” We need to break this logjam to get the decision-making process off the ground.

    Take the real estate sector. It was severely affected by the global liquidity crisis during 2008. Prior to the crisis, developers committed a number of mistakes that included increasing prices to unrealistic levels. And now, with liquidity and market conditions improving, they are back to that old game. This sector also is marred by the lack of transparency and customers keep getting the short end of the stick. In an effort to bring in more transparency into the sector, the government has made a salutary attempt through a draft bill, the Model Real Estate (Regulation of Development) Bill, to bring into effect a real estate regulator. The draft bill seeks to grant approvals to projects on certain parameters, expedite all the approval processes mandatory for the projects to take off and rate developers on their financial strength.

    But again, the bill is already being opposed by certain factions and getting the draft bill enacted will require a great deal of perseverance on the part of the government. The job of a regulator is not to choke business, but to ensure that the industry functions in a fair manner and that the objective of getting a single window clearance is achieved.

    Next, look at the regulatory overlaps. Even as we speak, there are regulatory disputes in investment-led insurance products, power futures trading and so on. The principle of KISS (Keep It Simple, Silly) seems to have been forgotten. In this regard, the proposal for a Financial Stability and Development Council (FSDC) is a step in the right direction. The Council’s key objective should be to coordinate and diffuse regulatory conflicts and more importantly take a clear stance so individual customers are not caught in the crossfire. This is very important in the larger interest of financial stability. One hopes that this body becomes operational soon and that we do not hear the same story of how it should be fast-tracked couple of years down the line.

    Another recommendation of note that has been put on the backburner is the development of a deep and liquid corporate debt market. Incremental reforms have happened, but at a snail pace. A vibrant and efficient debt market is vital for sustaining India’s economy as it will aid in financing the country’s infrastructure needs.

    Similarly, regulators are well aware that financial inclusion is the key for India’s economic growth. A vast number of Indians have been left out of the financial economy of the country. The penetration levels and access to finance across the country are quite meagre. Six out of 10 Indians do not have access to a bank account. Home mortgage as a proportion to GDP stands at barely 7 percent and insurance penetration is under 4 percent. A large segment of the population with no access to the formal credit market is still heavily dependent on the moneylenders who charge usurious interest rates. Banks have made some attempt to tap the rural and semi-urban markets but their efforts have not been substantial or adequate. Financial intermediation is an important catalyst in attaining inclusive growth. Banks may also be able to verify and identify customers with the aid of the Unique Identity Project, which is expected to roll out this financial year.

    Banks have admitted that one way forward for them to have a greater presence in rural areas is through financial literacy. As India has a young population, with more than 30 percent under the age of 15 years, the opportunity for the banking sector is immense. Financial literacy needs to be a priority for the banking sector as this younger population are potential customers in the next ten years.

    We have to realise that a taxpayer ultimately bears the burden of delays. It is the public money that is going into a number of projects and policies which should be used judiciously and not be frittered away. India’s priority of improved governance, urban infrastructure, education and health can all be resolved only if all the stakeholders are proactive. India is in a unique position and has a en opportunity to take its economy to the next level. So if we do not want to be labelled as one of those countries that missed the bus, then we have to act now and insist on a faster and more efficient process of policy implementation.

    There is no point in lauding ourselves that India was minimally affected by the financial crisis. This does not guarantee that we will be able to withstand a similar external shock again. The time for getting into the implementation mode is now.
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  • Originally Posted by RAJESHP
    I must say that you are a Optimistic person:D.
    But in general, good people are loved by even God and he calls them early. Its the less loved ones who God does not want them to come to him early. These people keep sucking others blood on earth.


    TRUE.
    The pill is bitter....
    But absolutely true.
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  • Prasad,

    We did not understand the meaning of this ? Will you please elaborate?

    I think most people here give there own views and as persons you should respect everybody's else's views, Jitu_Sir has won the respect of one and all as a person in IREF........however, most do not agree to his pricing of Samrajya at 5500...same with your project as well...

    He simply says- this is my price - buy it if you want to otherwise its your decision and he is 90% honest in his commitments....

    So, can we consider you in the same boat?
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