Thursday, 21 July 2016

In Bangalore a complaint has been filed by the residents of Ozone Evergreens apartment complex located at Haralur Road near Sarjapur Road with the Adugodi police. The complaint is against the builders – Ozone Shelters Pvt.Ltd- and alleges that the residents were mislead by the company by furnishing a fake no objection certificate (NOC) number of the Bangalore Water Supply and Sewerage Board (BWSSB) and assuring them of Cauvery water supply.

The Ozone Evergreens is a 18 floor apartment with eight blocks. The residents have alleged that in 2011 the builder collected lakh from each of the 900 residents amounting to Rs.Nine crores, to get NoC from the BWSSB for getting Cauvery water supply to the apartment blocks. After a resident filed an RTI application to find out the details of NoC issued by BWSSB, it has come to light that the board has not issued any certificate under the number provided by the builder and the builder has not paid a single rupee to the Water Board in this regard. 

The area where the Ozone Evergreens apartment complex is located is newly added to the Bruhat Bangalore Mahanagara Palike limits (BBMP). There in no infrastructure in place to provide either water or sanitation facilities. Also, the residents have alleged that the construction was delayed and the builders had refused to pay them compensation for delaying the construction. The officials of the BWSSB have said that they had no information on issuing of NoC to Ozone Evergreens.

Relief from forum: In the meantime, the district consumer forum has directed the Keystone Constructions and Ozone Shelters Private Limited to pay interest at 10 percent per annum on Rs.24.25 Lakhs for delaying the possession for five months considering it as deficiency in service to a buyer of an apartment from the builder. The compensation was ordered for payment to Raman Singh, a resident of Marathahalli, from September 1, 2011 to January 10,2012. The forum also directed the builder to pay Rs.10,000/- to the complainant as costs. The builder despite collecting money had allegedly could not complete the project within the stipulated time and hand over the apartment to the owner.

New Telengana Govenment – Developers hope for revival of demand

In Hyderabad and surrounding areas the real estate sector is sluggish for several quarters. The buyers are concerned about the formation of Telangana and are putting off decisions as there is no clarity on how the changes will take place. Even though the cost of construction has spiraled around 25 to 30 percent in the past two years, the capital and rental values have remained the same.

Builders are hopeful that on the formation of new government the real estate sector will see uptrend. Prominent players in the field and representatives of real estate bodies are all hoping that a 100 day development agenda will play a role in improving the sentiments of the buyers and the developers. 

Mr.Sekhar Reddy, president of CREDAI – has said that the scenario in the State and especially Hyderabad is passing through a difficult phase where the prices have remained stagnant and are about half the prices of Chennai. He has further said that the reasons for this situation were uncertainity on the statehood and the agitations. The sentiment in the market will turn positive if the new government sets up a 100-day agenda and address the issues faced by the sector.

The president of AP Real Estate Developers Association, has said the sector was stagnant in the past four years because of the agitation for the new state which is now over. Further, the new government will bring in a positive sentiment and encourage people to buy properties in the region. He has further said, the prices may go up by about 15 per cent as they have remained same for too long in spite of increase in input costs.

Managing Director of PEBL has said that the people have accepted the formation of Telangana which is a reality, and during the past few months non-local, non- Telugus were looking for properties. He has said the locals will also get back to the buying mode after the formation of the new government.

The realty sector players say that this is the right time to buy the properties as it is still a buyers’market. They feel the situation may not last long as the property prices in Seemandhra region are seeing an increase in property prices. The players are seeing an upswing as there will be lot of construction activities as new infrastructure is to be created for the new State capital. Reports show that the property prices in Vijayawada – Guntur, are beginning to firm up where the capital of Seemandhra is expected to come up, are beginning to firm up.

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