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The Indore District Administration has warned Vatsalya Builders and Developers, a private colony developer, to settle accounts with hundreds of plot buyers in a fortnight or face strict action and an FIR. The developer was accused of selling property without T&CP diversion of the colony and not carrying out registration at the stamp and registrar department.
The district administration held a joint meeting with representatives of the company and the affected people to find an appropriate solution, where the company was instructed to submit a demand fee at the T&CP department to get its clearance and carry out registration of the plots within a set time limit. A meeting with the colonizers and the affected people will be held on a monthly basis to review progress in the work, including the development of amenities promised to buyers.
ADM and colony cell officials have been roped into the matter to ensure that the affected people receive complete rights to the plots they have paid for. The company has been warned to carry out registration of the plots or face FIR. The district administration is taking strict action against such developers to safeguard the interests of plot buyers who have invested their hard-earned money.
Over the last few years, India has witnessed a significant increase in property fraud cases, with many buyers falling prey to unscrupulous builders who have swindled them of their life savings. This trend has been particularly prevalent in smaller cities, where regulations are less stringent and oversight is limited.
In response to this growing problem, the Supreme Court of India issued a directive in 2019, ordering all states to set up a special task force to monitor the activities of builders and prevent homebuyers from being cheated. The court also directed states to establish a real estate regulatory authority to oversee the sector and protect buyers from dishonest builders.
The real estate sector in India has long been plagued by issues of transparency, accountability, and corruption. Many developers engage in unethical practices, such as selling properties that do not have clear titles or approvals from relevant authorities, promising amenities and services that are not provided, and delaying project completion without any justifiable reason.
The establishment of a real estate regulatory authority has been a significant step towards curbing these practices and promoting transparency in the sector. This authority is responsible for ensuring that builders comply with all relevant laws and regulations, disclosing project details to buyers, and providing them with timely possession of their properties.
The task force set up by the states is tasked with monitoring the activities of builders and identifying fraudulent practices. The force comprises officials from various government departments, including the police, revenue, and urban development departments.
Despite these measures, property fraud continues to be a pervasive issue in India, with many buyers still falling prey to fraudulent builders. Therefore, it is essential that buyers exercise caution and undertake thorough due diligence before investing in any property. This includes conducting background checks on the developer, verifying project approvals and clearances, and seeking legal advice before entering into any agreement.
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