Real estate body MCHI has barred builders from launching and exhibiting any property project without obtaining all the necessary clearances for it first
Real estate body MCHI has barred builders from launching and exhibiting any property project without obtaining all the necessary clearances for it first
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MORE than six months after the Adarsh scam was unearthed, its aftershocks are still being felt in politics as well as the real estate industry in the state.
So, while the new chief minister is taking his time clearing files related to property projects to avoid making the alleged mistake made by his predecessor, the real estate industry, too, is treading cautiously.
Potential home owners are happy with the decision as they can purchase properties with confidence
The Maharashtra Chamber of Housing and Industry (MCHI), the apex body of real estate in the city, has asked all builders to be cautious and avoid exhibiting any projects that do not have all the necessary permissions in its bi-annual property exhibition, which begins tomorrow.
The move has been welcomed by buyers, who say they can now go ahead and purchase properties with the confidence that no unwelcome surprise will be sprung on them later.
Sunil Mantri, president, MCHI, confirmed the decision. "Since the scams were unearthed, the holders of many key posts have changed, like the municipal commissioner and the MMRDA chief.
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Keeping all this in mind, we have advised builders that they shouldn't launch a project assuming they will get all the necessary permissions. Any project should be launched and exhibited only after all the requisite permissions have been obtained," he said.
Adding that the scams have brought disrepute to the industry, he said builders are keen to take steps to prevent further damage.
"Its better to wait for permissions since many policy changes have been made and certain permissions take longer to come in.
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If a project is launched and things like CRZ clearances are denied later, it will result in negative publicity. The buyers will benefit from this move as they will not have to face any problems later," Mantri added.
Zubin Mehta, CEO, MCHI, said, "Only projects that have all the requisite permissions will be allowed to be showcased at the property exhibition.
We have told the builders to exhibit and promote only such projects."
Pramod Sharma, a manager at an advertising firm said, "It's great that the MCHI is doing such a thing. They should be encouraged.
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The move will reduce the burden of due diligence on the buyer, who can now rest assured that the builder has all the permissions and any delay in the project will be the builder's responsibility alone."
Savita Rijhwani, account manager at a private company, said, "I hope the builders follow this, for doing so will be beneficial for them and for buyers like me. We won't have to worry about the project not having the requisite permissions."
Free LCDs
It is a known fact that the real estate industry is going through a lean period and, when this happens, builders come up with special offers to lure buyers. In the upcoming exhibition, the MCHI is giving LCD TVs to people booking a flat at the exhibition by giving Rs 51,000 as down payment.
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