Category: Standard

05
Mar

New Real Estate Bill – Protection to Buyers ?

The Real Estate bill, which was long pending has finally been introduced and needs to be enacted. The Bill, once enacted will at last give teeth to apartment buyers, who till date were at the mercy of real estate developers.

The bill would make the developers accountable for structural stability of the buildings, timely completion and cash management of the proceeds of the sales of each project. This will make sure that the developer does not use the funds meant for specific project for any other purpose.

The Bill will also give more teeth (were there at all any teeth, in the first place?) to the government to regulate contracts between the buyer and the seller to ensure customer protection and also standardise business practices.

However, it is not yet clear to me as how this bill will protect the consumer from projects where the quality of works completed do not meet the promises made in terms of quality of workmanship or quality of materials used for construction.

We at Nemmadi, as third party, assist the buyer in identifying deficiencies or shortcomings by inspecting the work done and reporting to the client and the developers for rectification.

If you are buying a new flat or an old one, we are the right people to help you inspect the flat from all Engineering angles.

05
Jan

Indian Construction Industry

Indian Construction industry is a very ill/unorganized. As a result, any one with money power can become a ‘contractor’ or a ‘builder’. The contractor or the builder does not need a valid license to carry on his business, particularly in the private sector.

The contractor or the builder may or may not engage the services of professionals to design and construct the house or the apartment that you wish to buy.

In the absence of control over the design of the structure as per Indian Standards requirement for RCC design, the durability, the quality and safety of the structure suffers.

This leads to loss of life and property.
Therefore it is necessary to ensure that the house/apartment/villa that one proposes to buy meets the quality requirements.