Tom, Dick and Harry of Real Estate

By Special Correspondent
Real Estate business doesn’t require any qualification, whatsoever. Or even if you are qualified as BMA, CA or advocate, it really doesn’t matter.
Old people in real estate says that even a “Kadia” can become a builder. People started broking and became builder. Any Tom, Dick or Harry can become a builder. The Real Estate they construct are suppose to stand strong for atleast 60 years. It requires to take number of NOCs from municipal authorities. They play with people’s sentiments. They are responsible for everything a house owner wants.
Even a small building cost goes in crores. Even then no expertise or qualification required, statutorily, to have minimum safety standards.
In recent development when BMC slapped notices to 154 illegal projects, one now thinks about the knowledge of architecture standards in our country. These Tom, Dick and Harry who are really fly by night operators, force them to practice illegal means and play with lives of their clients.
Punjab government, had enacted. The Punjab Apartment and Property Regulation Act, 1995. (Act 14 of 1995). In the Act Registration of promoters and Estate Agents made compulsory. The Act says “…….. no person shall carry on the business, except under and in accordance with the terms and conditions of the certificate of registration granted under this Act (Sec. 21)
The next section puts control by way of providing “.. in the case if the application is for registration as a promoter, that the promoter himself or one of his employees, or one of the partners of the firm or one of the directors of the company if the applicant is a firm or company, as the case may be, possess the prescribed qualifications for conducting the business of a promoter. Same is the case with estate agents.
The sub section (c) of section 22 puts further condition as “…. that the applicant furnishes to the competent authority, either a bank guarantee or a security, for such amount and in such manner as may be prescribed”.
The section further requires to give income tax clearance certificate and restricts the business if the applicant has been convicted.
The state of Punjab may be compared with U.S.A. for the matter. But as a matter of fact, state government of Maharashtra is sleeping over the various consumer grievance aggrieved by the builders or these Tom, Dick and Harry.

Similar Articles

Leave a Reply