After Supertech debacle, homebuyers demand real estate regulator
Even as the fate of the 40-storey twin towers of Supertech in Noida’s Sector 93-A is on shaky ground; buyers are now pressing for a real estate regulator to protect their interests. After a series of meetings, various associations of investors have decided to take up the issue with Noida Authority, Uttar Pradesh Government and the district administration. If they fail to get the requisite relief, they may consider moving court.
Homebuyers demand transparency in the real estate sector and empower them. Builders, they said, must
make mandatory disclosure regarding housing schemes or projects they are developing, where they are required to provide details of ownership of land, number of flats going to be built, the floor area ratio applicable for a particular housing project, how they are going to finance the project, among other clauses. These details will be published by the regulator on its website before giving approval to a project.
The investors, through the regulator, want buyer agreement with the developer and the Authority and should the developer stumble on it, there must be provision for penal action. One of the major demands of flat buyers is that no demand of extra money be made under the guise of super area if the carpet area does not increase. They also want some of the popular and often misused terms used in the sector, such as carpet area, built-up and super built-up area to be demystified.
“Parking space must not be charged separately and should be incorporated into the building plan. Parking charges must not be taken before possession of flat. The developer must secure an occupation certificate
before handing over the flats. As the builder gives possession of a new flat, maintenance work must be ensured for at least two years by the company,” said Prabhat Kumar, who had booked a flat in Noida.
Buyers are also demanding that the tripartite agreement between the parties be available on the official website of authorities and in case of any alterations, buyers be apprised. “There should be provision of penalising the developer if he fails to give possession on the scheduled date. Planning and building bylaws must be circulated among buyers at the time of sale of flats. We have asked for such a regulator in the region to take the lid off a developer’s aberration,” said KK Mittal, a flat buyer in a project in Greater Noida West.