Buying a property has never been easier than it has been for past two deacades. Easy availability of cheap home loans from various private and public sector banks have made it possible to buy their dream home in the initial stages of their career.
Builders bought cheap agricultural land in tier I and tier II cities and many high rise buildings and malls started mushrooming in the country.
'Buying property' is considered 'sacred' in our country and is really 'close to heart' investment option for many. It is the same psychology which has been used by the builders to make profits.
They started several projects simultaneously using money from one project into the other. And investors were happy owning notional property in some of these buildings. Some of the investors even went to extent of taking loan and paying instalments demanded.
But every thing has been in thin air... With No real property handover and No real return on investment!
When the builders could not sell anymore 'notional property ' ... The result was 'stalled projects' for many many years. And the 'dream home' became a 'dream only' for many!!
In this historic verdict below redresal commission understood the plight and gave a verdict in favour of consumer...in our country 'a small fish infront of big fish ie. Builder' !!
So the question is 'is property really sacred? And should we block our money into something whose papers we will keep in locker and brag infront of friends and relatives when in reality we are not using it?