Tuesday, 19th November, 2019

Snippets

After flood water recede Bengaluru builder cuts premium charge applied for lake view apartments

09, Aug 2019 By dasu

Bengaluru: For years it is known flooding helps BBMP road contractors to get repeat business as it takes away the top layer of tarred roads. Recent research shows it is also helping builders to charge super-premium charges from customers saying you have a view of the temporary lakes created by the flood water.

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“Many city-based builders take advantage of flood water submerging low lying areas. We have seen many builders selling such apartments at hefty premiums as lake view apartments”, said Mathew Jones head of JLL India.

“I normally advise my customers not to purchase any property during rainy season. Once flood water recedes and customers see cows grazing on those fields, many builders are questioned about their such unscrupulous activities. Some ‘honest’ builders cut these super premium charges, that is when we recommend customers to go ahead and book their dream home”, added Mr. Jones.

Mr. Jones feel due to social media activism and hard-hitting RERA guidelines many builders are falling by side. “Earlier builders will say just ten minutes from airport even for properties which are four hours drive from airport. Now they put a small asterisk and put a comment it is by helicopter”.

“Similarly, there are properties which were sold with amenities as sea beach, blue lagoon where not a drop of water is not available. For such projects many unsuspecting consumers fell for. When these consumers protest and asked tough questions, builders put a double asterisk in their brochures specifying the lagoon and tidal waves all these subjected to rain”, Prashant Kishore, real estate veteran said.

“RERA has certainly made life of consumers better by making them more informed, but it has made life of builders worse by forcing them to read their own brochures which they never did, also they were forced to put asterisks at the right places in their brochures, presentations” added Mr. Kishore in his concluding remarks.