Noida Greater Noida officials set to be replaced but buyers unlikely to get reprieve

The Noida, Greater Noida Authority are well known for development but are for long alleged to have a soft corner for builders thereby indirectly inflicting harassment to the buyer community. With BJP making a clean sweep in all constituencies covering Noida, Greater Noida and Ghaziabad, the senior officials of authorities of the districts are looking at an almost inevitable exit from their posts. The imminent question is if things will change now? Would we see Noida Greater Noida officials doing something for the buyers now?

Expectations are high but the treatment of buyers in other states ruled by BJP are not encouraging. A look at the real estate regulation act notified in Gujarat, Maharashtra and Madhya Pradesh are not a good advertisement of the party’s concern for buyers community. A peep into the state notified acts:

  1. Gujarat has exempted all projects launched before notification of the real estate act rules. So, the rules wont apply retrospectively and almost all ongoing project builders will be let off.
  2. Maharashtra real estate act has hiked the complaint fees for buyers from 1k to 10k. Secondly, the state law allows builder to terminate a flat purchase agreement on just a week’s notice via e-mail to any buyer who defaults on an installment. But it allows the developer to refund the money to buyers without interest over a period of six months. It also gives an option for real estate agent to apply for fresh license in six months time even after repeated violations.
  3. Madhya Pradesh also has added clauses similar to Maharashtra to dilute the central real estate act.

While UP had also diluted the real estate law to an extent but when compared to real estate law drafted by UP cabinet, the law in BJP states might appear much meeker. One can only hope for the best but expecting a lot would probably be too much going by the recent history.

Comments/Feedback invited.

Last updated: March 11, 2017 at 22:13 pm

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