Hi all,
I have been visiting this forum for over a year now and have not been taking part in discussions except post#45899. I have noticed that all of us (participants of these discussions) mostly talk on the following issues;
1) Whats happening in real estate sectors of ISB and LHR.
2) Complaints about delays in project comletion dates by almost all developers
3) Levy of forced/increased development charges by some develoers (big names) due to their own mismanagement
4) Changing of maps/layouts without informing the csstomers whereas those developers themselves have issed these maps and alloted the plot numbers to alottees.
All this is very good to keep ourselves but it is not enough. We must know what should be done in case someone is facing the issues 2,3 and 4 respectvely given above.
Honestly, i dont know the answers myself yet and Thats why i want to educate myself as well as anyone who will read this discussion.
I certainly believe that this is a very important topic for discussion at the times when we have almost no reliable developer who honour their promises.
Comments/Observations/opinions of everyone is invited. I will also look forward to see some words from Mr. Azad, Mr. Kaisrani and (may be) CMY. CMY may not like to join but then i will understand why.
Best of luck to all.....
Ahmad Raza replied on Saturday, January 9, 2010 07:17 PM
If there is some one who understands the property laws on the issues 2,3 and 4, please share that information with us. I must mention here that i personally do not have any property problems myself. I got the idea of these discussions while going through a property website for Dubai and Ajman where a lot of people have joined groups/forums and sharing information to get their rights bcoz in UAE, lot of develepors have simply run away with all the money BUT situation in Pakisan is far better than that and we are only sharing info and educating ourselves.Developers are delaying (sometimes very long times) but they get the job done in most of the cases. |
Azad K replied on Saturday, January 9, 2010 10:35 PM
First of all in your previous topic one of my posts was directed at Ashraf but I used your name instead so apologises there.
I think it is good to share information and to eduacate each other, which hopefully makes us better informed and also is beneficial for the real estate market of Pakistan.
Unfortunately I don't know enough about this topic to be able to give any suggestions. The only institutions that crop up in my mind in the situations that you mentioned are regulator of co-operative societies, NAB and The Courts. I do not know how effective these institutions are.
I think it would be a good ideal if a single body existed in the country that regulated the real estate sector.
I think it would be also be a good idea if a body like an association existed to protect the interests of private real estate investors and landlords like there exists in foreign countries. These associations could represent the small investors and pressurise the developers to deliver on promises and not to make changes to the plans. They could also lobby politicians and try to get favourable laws and policies drawn up by the government.
It would also be a good idea to have a body that regulated the registered property brokers and set a code of conduct by which they must abide. It would create confidence in the market. I don't think that agents for example should be getting fees from both the seller and the buyer. As this results in a conflict of interest. The agents should have a duty of care only to one of the parties, that actually pays them the fee.
I may be going off topic here but that is all that comes to my mind. |
Hussain Kaisrani replied on Sunday, January 10, 2010 05:49 PM
Salaam!
When a buyer enters into a contract he is supposed to read and agree with all the terms and conditions applied by the developer. These terms and conditions are, of course, in favor of developer only. Generally 90% buyers do not bother to read the conditions when buying a plot as a first buyer. And 100% buyer do not read properly these terms and conditions if they are buying a plot from some one and they went to the developer office for a transfer. There is a transfer set of many pages and a buyer is supposed to sign wherever developer's representative suggests. I had opportunity to read transfer set and it very clearly says that all the rights are reserved for a developer and buyer has no right to object any present terms and conditions as well as he/she is made bound to accept for all future terms and conditions.
All of these points raised by Ahmad Raza Sahib are clearly mentioned in terms and conditions and every buyer agrees to accept every thing whatever developers applies for his own benefit.
Bahria Town gives an advantage when it says that it will return the funds received after deductions if a buyer is not in the position to pay total amount required to get a plot or home at any stage. Eden and almost all other developers has no clause like that in their terms.
Is there any possibility to do any thing even if we have signed to agree on all terms and conditions?
My reply at the same time is YES and NO.
In case of YES we may go to consumer court or any other relevant court and seek help on the issue.
And in case of NO, there is zero possibility to get any benefit in prevailing system.
We hear from many friends that they will go to the court against Bahria Town or others but practically none of them managed to do so. |
Azad K replied on Sunday, January 10, 2010 06:02 PM
If a developer can write anything under the sun in the contract and the purchaser has no option but to agree, then it means that the developer is abusing its position. Therefore NA should pass legislation to protect the interest of the buyers. The legislation should put a stop to unfair contract terms. Why is it right for a developer to collect surcharges when a buyer is late in making payments yet they do not have to pay anything out when they are late in developing the plots and handing them over. If the developers had to pay compensation then they would soon get their act together and build quickly or give give longer timetables. There should also be a law for misdescription or deception. Many times they mention there will be amenities plots and parks which disappear later to make room for more housing. |
SALEEM AWAN replied on Monday, January 11, 2010 04:37 AM
Buyers can go to court if Developer is charging extra charges or if there is delay in completion or they changed the map without critical reason. |
SALEEM AWAN replied on Monday, January 11, 2010 04:38 AM
as per government law, no delveoper can launch the scheme without purchasing the 85% of the land of scheme. any body can go to court if it is not followed |
