Developers and agents in Delhi-NCR's real estate market are taking retail investors for a ride and this has become a common practice. This was expressed by 100-odd users at an investors' forum on prices, bank loan, delivery of projects and clearances to property, on Friday.
While investors pointed out laxities and non-deliverance of services by developers, a panel of bankers, real estate consultants and property website owners suggested solutions.
Sanjay Gupta, MD, Punjab National Bank Housing Finance, cautioned the buyers to keep an eye on a builder's behaviour from the first communication. "You should watch out for builders' behaviour, promptness in clarifying your queries, quick response to your emails and phone calls. A good builder will always be forthcoming to satisfy all your doubts," he said.
Lokesh Gupta, an investor from Noida, alleged the builder gave him lesser floor area than promised in the brochure. In the absence of an effective real estate body to redress his problem, he couldn't do much about it.
Though the panel refrained from comparing developers, the experts agreed there were apprehensions among buyers and there was a case of regulation in the sector.
Samarjit Singh, MD, Agni Property, which offers services like legal advice, documentation, finance and mortgage, said, "Sentiments play a big role in real estate as we have seen in the Noida case. Consultants can play a role in bridging the communication gap between developers and buyers, besides influence the former to deliver promises."
"The realty sector is maturing and it's time to provide the best to customers. Presence of a sector regulator will only help the customers' cause," said Singh, whose consulting company has a tie-up with prominent developers. Vineet Singh of 99 acres.com, said, "At times, even consultants are clueless since developers back out on their promises in the eleventh hour."