The Union Urban Development Ministry has finally woken up to the woes of large number of Middle Class Indians taken for a ride by Shady Builders and Real Estate Developers.What non-reputed builders usually do is, collect large sums of money as advance and use the money for their own purpose or divert it to other projects. Also the greedy real estate brokers in order to make quick bucks has become a speculator who keeps trading in pre-launch offers. To curb all such ir-regularities, the government has proposed a bill which will put an end to this. A clear-cut date of completion will obviate the scope for speculation.
Sanjay Verma MD of Cushan and Wakefield said that,
"A lot of speculative buying and selling had been taking place in the pre-launch residential business. This high level of continued speculative buying has put certain degree of selling pressure in the market. Therefore, the move to curb pre-launch mechanism will provide for a healthy & stable growth for the realty sector in the coming years".
Hopefully the Babus and Netas who are also part of the Land Bank Scam will protect the middle class interest. Via ET
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