Practical Ways To Tackle Property-Related Issues
Those who had invested in various projects of the developer were taken by surprise when Jaypee Infratech filed for insolvency last week. This is something many of them might not have been expecting. In the past, too, incidents such these have come as a rude shock to Indian homebuyers.
There have been cases where a change of plans by developers led to his projects getting demolished. There have been cases where reputed developers were booked for mismanagement of funds. There have been numerous cases where possession papers were not handed over to buyers although they were occupying homes. Several other violations have been a source of worry for buyers. At times such as these, practical ways must be used to addressing the issue; knee-jerk reactions or getting into panic should not be your choices at all.
Look for the defaulter's stand
In the Jaypee case, almost 35,000 buyers are affected, in one way or the other. Some had made part payments, some others had invested and are settled abroad with absolutely no access to first-hand information, some get their information from other sources which may or may not be reliable and some speculate.
However, you must look at what the defaulter has got to say. Find out the official website of the company and know what the company seeks to do next. Do not waste your time protesting against what might just be hearsay.
Is there a law to protect you?
In most cases, homebuyers are offered a shield in terms of law. The real estate law, for example, aims to protect aggrieved parties. Jaypee Infratech Limited, for example, was registered under the Uttar Pradesh Real Estate Regulatory Authority on July 27. You could use the platform to check whether your project is registered, and, thereafter, any defaults would be overseen by the authority. In case it is not registered, you may have to approach the consumer forum.
Note: In February 2017, the Supreme Court had ruled that flat owners could join hands to directly approach the National Consumer Disputes Redressal Commission (NCDRC) against realtors. Previously, only cases where the property in question cost more than Rs 1 crore was entertained in the NCDRC. Now, aggrieved homebuyers can join hands to put across their plea.
Look for relevant groups
It is important to join relevant social media groups and communities where those in a similar problem are informing, updating and discussing the course of action. It is the easiest way you can get together and think as one.
Most aggrieved homebuyers came forward to build an association online to discuss about the course of action with respect to Jaypee's insolvency. Bringing together over 35,000 households within a span of minutes is easier online than in person. Relevant WhatsApp groups are also a time and cost-effective way to communicate such developments.
Hire a lawyer
Do not fail to hire the services of a legal expert. The legal language is full of jargons and at times it may be difficult to comprehend these. An expert can help you understand the right way out in such situations.
Unable to find the right lawyer? To keep up with the times, even legal services have come online and it is not very difficult to consult one after a quick registration and payment online. However, beware of fraudsters.
Also read: Jaypee In Insolvency Case; Homebuyers To Raise Claims Till August 24