Why Buyers Must Stay Alert On Regulatory Lapses In Projects
Sample these.
The Bombay High Court recently directed the Directorate of Civil Aviation (DGCA) to demolish within two months buildings that are inside the approach funnel of the Chhatrapati Shivaji Airport in Mumbai. While passing the order, the HC observed: “You can't sit and wait for an accident to happen. You have to deal with it ruthlessly. You can't feel bad for builders or residents.“ About 110 buildings spread across Andheri, Bandra, Chembur, Ghatkopar, Santacruz and Vile Parle will be affected by the order.
Earlier this month, the HC had also rebuked residents of a Nagpada high-rise who have been living in the 35-story building for six without receiving occupation certificates.
Following the directive of the National Green Tribunal (NGT) , the Ghaziabad Development Authority started demolition of Gulmohar Housing Society which stands opposite to the Hindon Air Force Station. In effect, 126 villas will be razed, causing much heartburn to buyers. The developer has yet to receive a completion certificate form the GDA, media reports say.
According to media reports over 100 buildings in Munnar and nearby areas face dangers of being taken down as an Assembly panel has directed authorities to demolish all unauthorised construction in the city.
Also read: Update On Upcoming Airports In India And Their Impact On Real Estate
The Airports Authority of India (AAI) has directed authorities in Jaipur to form laws to stop developers from constructing tall structure close to the city airport. The AAI wants the height to be capped at 500 foot. This means that already constructed tall figures might face demolition.
In short, regulatory lapses on part of your developer could land you in major trouble. This is precisely why home buying has become a complicated, lengthy and tiresome employment. As if doing a thorough research about the developer was not enough, you also force yourself into collecting all little project details, too. You must because this is of supreme importance.
Developers pitch their projects based on their proximity to airports, railways stations, bus networks and other mass-transit networks. For instance, if you are buying a unit at a project that gives you an easy access to a Metro station, you are likely to pay more. The thoughts of having an easy Metro ride should not carry you away too far; the aforementioned examples tell us we have to make sure that a project is in no way encroaching upon the public land before investing into it. Similarly, tall hopes of living in sky-high structures should not sway you into overlooking the fact that the number of government approvals in case of skyscrapers is even higher. The same is true of property developments close to the sea or the hills, etc. In short, private developers can in no manner, major or minor, fiddle with the regulations.
You would be misguided if you thought minor lapses could be overlooked by the authorities only because the move might impact a great number of people. There have been cases of many investing in unauthorised projects ― for they come cheap ― in hopes of authorities giving them a legal status in future. The Bombay HV move should clear things up for you in this regard.
Also read: 5 Quick Points To Consider If Buying A Property Adjacent To Roads