In case of the parking space and the garages, the builders are supposed to hand over the parking space and the garages to the housing society, instead the builders are selling for a huge premium. I wonder when will the authorities take action against this erring builders.
Further most of the properties are sold at at cheque cash ratio of 50-50 to 80-20. I wonder what is the finance ministry doing. The buyers hard earned white money gets converted to black money with the builder and the builders doest not pay any tax on it. The buyers property is worth only 50-80 percent on paper against its actual worth.
RE:un-regulated real estate market
by GN on Oct 22, 2007 05:05 PM Permalink
The parking is a real issue to worry. parking space outside the building is been marked as common parking space and the parking space within the building (Ground floor) been sold to the room owners. is that legal !
RE:un-regulated real estate market
by shiva kumara on Oct 22, 2007 05:27 PM Permalink
With the check cash ratio, both the buyer and the builder benifits because the building will be registered at a lower cost. And registering authority charges exorbitent commision and bribes for the pathetic service that they offer. Do they deserve all the property tax? I would say they should improve the service and transperency and reduce the fraud to be worth the commission that they eatup.
RE:un-regulated real estate market
by Bob Seth on Oct 22, 2007 06:49 PM Permalink
chidambaram has given tax incentives to the builder community (the builders are so poor), the congress is funded by builders
