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BRERA wants separate teams to help home buyers

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The Bihar Real Estate Regulatory Authority (BRERA) urges the state and central government to form an interdisciplinary team to ensure that real estate companies reimburse buyers money with interest or to get the building registered and give possession to buyers.

The bench of chairman Naveen Verma and members Nupur Banerjee and RB Sinha made the above suggestion on Monday. During a series of cases against Shine City Infraproject Private Limited, the directors of this company supposedly have gone to Dubai. They have cheated several people to register property in their name despite taking money against a housing project in Naubatpur, Patna. 

The bench noted that in addition to Patna, the company committed a similar infringement against home buyers in other cities like Odisha, Uttar Pradesh, and Jharkhand.

Help of ED will be beneficial

The bench has ordered all plaintiffs to file an FIR to the State Police Economic Offence Unit (EOU) with all the facts and documents related to the company and submit them to RERA.

The bench has requested Bihar DGP to set up a dedicated investigation team to look at the consequences of the case. And explore the possibilities of seeking help from key investigative authorities such as the ED (Enforcement Directorate) to catch offender. As the company’s activities span several states and directors have gone abroad. It has also ordered RERA’s secretary to send a letter to DGP, with facts in the case so investors can register FIR against the company. It also instructed the RERA Secretary to discuss the matter with the Registrar of Companies in Lucknow for details of the company.

The authority is also taking help from a retired police officer with experience in financial crime. The role of officer is to investigate complaints from more than 90 people, who paid money to buy a property in Naubatpur but never brought to justice.

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Renaissance of Realty Sector

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In last few months Indian real estate has undergone a reawakening enforced by a noticeable increase in the level of construction activity of low-budget housing coupled with low home loan rates reached an all time low in the last few years.

As researched by Boston Analytics, the Indian realty sector has undergone an increased supply and pace of development activity which brought an improvement in pessimism associated with the realty prices. A low interest rate on home loans driven by Government’s impetus packages have also catalysed the Indian consumers to buy homes.

“Increased supply, improvement in pessimism related to realty sector rates, and low rates of interest on home loans seems to be encouraging Indian consumers to firm up their home purchase decisions” as said by Shirin Bagga, Economist, Boston Analytics.

The data was collected by conducting a monthly survey that targets 10,000 respondents cross 15 Indian cities—Delhi, Mumbai, Hyderabad, Kolkata, Chennai, Bangalore, Chandigarh, Nagpur , Ahmedabad , Kochi, Jaipur, Lucknow, Bhubaneswar, Patna, and Vishakhapatnam.

According to the recent reports the conviction concerned to speed of construction activity conveys more anticipation with regards to observed change in construction activity in Tier II and Tier III cities relative to Tier I cities. The real estate projects which are in different phases of completion in all levels of towns and cities appear to be introducing optimism about the expected change in construction activity among respondents across Tiers,” the report said.

As brought into light by Economic Survey of  FY 2009-10, the need of the construction and real estate sector in creation of both financial and physical assets has been amplifying over the years. The construction sector now accounts for 8 percent of GDP at constant prices, hiked from 7.7% in 2004-05.Equivalently, the share of real estate ownership of dwelling and business services in overall GDP as hiked to 9.2 percent in FY 2008-09 from 8.9 percent in 2004-05.

Mumbai is most preferred property investment destination

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The financial capital Mumbai now ranks as the most preferred destination for investing in properties, while Chennai has replaced Bangalore.

The survey, “Trend in residential space across top cities in the current scenario” ranked Mumbai as the most preferred destination to invest in property while in south, Chennai is in the first place for property investments, overtaking Bangalore.

Cities like Patna, Nasik, Tiruchirapalli and Madurai have also become choive destinations for property investments, the survey said.

It said 60 percent of respondents felt interest rates for home loan would come down further in the coming months, while 40 percent evinced interests on properties with an area between 500 to 1,000 square feet.

More than three thousand people from the metros and other cities, including Pune, Ahmedabad, Thane, Coimbatore, and Vadodara participated in the survey.

“Market sentiments are reviving and people are ready to invest. Based on our survey, more than 60 percent of customers are looking at buying residential properties in the next six months. They also have a hope that interest rates on home loans will soon come down”, Consim Info Founder and CEO Murugavel Janakiraman said.