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Real Estate Complaints Pavan-Kotecha | Real Estate | 1 Reply

30
Jul
2013

Pavan Kotecha Posted On: 2013-07-29 09:56:35 I have purchased a flat in August 2011.With a down payment of almonst 50% of property value.On that day it was communicated to the builder that balance amount will be paid by bank loan.It was mutually agreed that after Oct.2012 if the don\'t give us possession he will pay us the rent.I applied for bank loan I got sanction but at the time of disbursement we came to know till there is no CC so we didn\'t registered the flat.As if the registration is more then a year old we can\'t apply for Home loan.Now the builder tell us that there was income tax raid and we have to pay 30% of tax of difference amount which is approximately 10 lac rupees ....Which is a big amount and why should we pay.....can any one help us what to do in this matter.

By IndianMoney Experts - 2013-Jul-30
Dear Pavan, In order to resolve problems similar to yours the Real Estate Bill is soon coming in force.Here you have a real estate regulator.Promoters will have to disclose the type of plan,patnership firms,names of the people involved in the construction,kind of area for sale and so on.All brokers and agents have to be registered with the real estate regulator.All deatils will have to be posted on a website and updated each quarter.BIS has brought in standardisation clearly defining the carpet area,built up area,super built up area and so on.All clearances such as that requeired for water,electricity,title of the land and so on needs to be obtained by the builder before the project is cleared.The project has to be cleared by the regulatory authority within 15 days.Severe penalties which might include financial penalties up to 15% of the project cost and even a jail term for the builder.Care to know more about real estate.Please look up the website IndianMoney.com which is India\'s only free on call money adviser.
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