Narendra Modi takes up flat buyers’ concerns in his speech1 min read . Updated: 15 Aug 2016, 07:13 PM IST
PM Narendra Modi bats for flat buyers after the realtors, especially in the Delhi-NCR region, are being blamed for prolonged delay in delivering projects to their clients
New Delhi: Breaking his silence on the homebuyers’ sufferings due to delay in real estate projects, Prime Minister Narendra Modi brought up the issue in his Independence day speech delivered from the Red Fort on Monday.
“Builders show nicely printed booklet to buyers to lure them. The middle class do not have technical knowledge but keep giving builders money and yet the builders don’t build the houses on time," Modi said.
The real estate market in India, especially in the Delhi-NCR region, has been characterized by prolonged delay in delivering projects, with buyers organizing themselves into associations and protesting to get the authorities’ attention.
Some have reached out to the prime minister himself. The buyers from Jaypee Wishtown project organized a protest last month and signed a petition to the prime minster, asking for help in getting the builder to finish the project.
While the prime minister had constantly mentioned the issue of lack of affordable housing in India, he has steered clear of talking about widespread delay in real estate projects, especially in the Delhi-NCR regions.
Empathizing with the public about the emotions attached with buying a housing, Modi said, “my fellow brothers and sisters, middle class persons dream of constructing a house, buy a flat."
“Middle class invests their life long savings and capital in this one-time investment. To protect the interests of buyers, we brought forward Real Estate Bill to regulate the builders. This measure will help the middle class home buyers," the prime minister said.
The central government passed the Real Estate (Regulation and Development) Act (RERA), 2016 in March to clear the way for setting up a real estate regulator, with a provision that can sharply improve transparency.
“This means the matter has reached the prime minister and the government is up to something, so very soon a clampdown can be expected on the builders," said Nrip Kumar Mehta, coordinator of Wish Town buyers’ movement and a buyer in Jaypee Krescent Homes project in Noida.
“However, we haven’t got any formal response from the Prime Minister Office," Kumar added.