Legal and Fiscal Recovery in Real Estate Sector
There has been lot of real estate cases cropping up. Offcourse! unethical practices were there but they existed since long time. Coupled with pandemic, political and social turmoil, real estate could not contribute so much to the Indian Economy.
A quick solution for this sector.
The pandemic has moved on. Credit facilities are again on line. Migration is more owing to greater turmoil in village and small towns.
The Real estate must be given a breathing space now. The time is ripe.
For all cases including recovery of dues and properties having been kept sealed up. A 7 months to 1 year time must be given so that the sealed properties are again unsealed for a period of 8–9 months and possession of properties should again start.
After the pandemic , this is the right time when the real estate builders can recover the cost stuck in the properties by handing over possessions and thereby recover the dues and complete the legal obligations.
Legal judgments are not meant to cripple but assist the rights of users and customers. This is the time when the builders can recover the cost, complete all legal formalities and the consumers are assured back their money or the possesion of property. Only a small penalty tax must assist for availing this 8 months to 1 year breathing period.
Moreover, every property specifically the large scale projects must be supervised and a proper supervision committee must be put in place for monitoring activities on properties that are either under construction, due for possession or lying vacant. This would stop many illegal activities on the property.
A specific checklist of points must be passed before any property is accorded a legal status by the government.
- The property in its vacant or leased state was not used for any anti-social activities, nefarious activities or housed any anti-social elements
- The source of finance for property didn’t come from any political source or any non-preferable source
- The property followed the communal rules of non-distinguishing consumers on the basis of their caste, creed, religion ,region and others though they may have the right to create religious spaces for worship
- Every property needs to have a legal board of atleast 5 members who would on all occasion represent the legal aspects of the property
- Every property undergoing financial issues need to be reffered to a board of real estate investors included in the government sponsored legal body
- The real estate investors need to pitch in tenders to get in this board
This body can be included in RERA committee.
And such…
This is the right time that the builders are given a lease of breathing space so that builders and consumers can get their rights back as the rights of both are intertwined a lot at this moment.
