One major factor that buyers should look for is approval details, writes M. Soundariya Preetha
Every day there are several advertisements and promotions on new residential projects, sites, and properties for sale. Apart from the cost, amenities, and quality, one major factor that buyers should look for is the approval details.
K. Kathirmathiyon, secretary of Coimbatore Consumer Cause, says the approval details, including the approval number, should be given in the pamphlets and brochures.
When more number of layout developers, property promoters and sellers display these details then the public will also get used to looking out for the approval information in the pamphlet. They will also have the option of verifying it with the Local Planning Authority or the government agency concerned. Thus, gradually a system can be brought in to ensure that the buyers are not misled on the approval issues.
The public are now unable to identify the approval details based on the advertisements.
The Local Planning Authority should make it mandatory for property and layout promoters to include the approval details in the advertisements. This can be a pre-condition to get approval.
This will encourage planned development and educate the public. The District Collector can incorporate it as a special condition to grant approvals.
The Planning authorities should take action against promoters of unapproved layouts and buildings based on their advertisements too.
In the case of panchayat areas, while there is no system as panchayat approval, false claims of approvals will only misguide the public who want to purchase a property.
Hence, action should be taken on any official who grants panchayat approval. Mr. Kathirmathiyon says the property buyers will realise the problems in buying land or building in a panchayat approved layout only when there is a problem.
For instance, if they want to extend an existing property then they should apply to the local planning authority for approval and will not get it. If there is an infrastructure project in the specific area in the future, the structure can be demolished.
“There is always an element of risk in buying panchayat-approved sites or buildings,” he says.
Now, many buyers do not know how to verify about the project they are interested in. Thus, when the approval details are given in the pamphlets, brochures and advertisements, the public will be sure of project in which they are investing.
P. Karthikeyan, president of Coimbatore chapter of Confederation of Real Estate Developers’ Associations of India, says in cities such as Mumbai some of the projects have the approval details highlighted.
The Green Council of India says the clearances should be highlighted in green projects. The industry is moving towards larger transparency and hence, providing the details will be a good move.
This is yet to take off in this region because the approval process is long and takes time, some want to give an early announcement about the project, and in the case of joint ventures there may be pressure from the partner to launch the project early. Now, most buyers go for a legal verification when they finalise a property, he says.