Property Expos- For Better or Worse?


http://archive.deccanherald.com/Content/Jan302009/realty20090129115354.asp

Radha Prathi finds out the loopholes that property expos entail.

Urban India has become the magnetic core for property exhibitions in the last couple of years. It is a fact that life has certainly become fast paced these days and people find it easier to make notes, compare, comprehend and arrive at some palpable decision when they are exposed to a variety of options under one roof.

Not always a good deal!

The Guptas bought their flat in one of the apartments on Bannerghatta road in one such exhibition in 2006. Dr Gupta, a retired professor, who had very little idea about house buying, felt very satisfied with his rendezvous with his builders and as a result, he encouraged his friends and relatives to follow his example. Subsequently, when his brother-in-law booked a three-bedroom flat of 1400 square feet, he was handed over the keys of smaller premises in the promised design in another building. When no amount of talks and arguments could make the builder see the buyer’s peeve, he filed a case against the builder — which is going on till date. 

Conning one & all


PR consultants who coordinate with builders for these exhibitions, revealed on conditions of anonymity, that on a couple of occasions, the contact numbers given by builders and also owners of other stalls, had became defunct after a week or so, leaving prospective buyers who have given a token advance of a few thousands of rupees, high and dry.  Many a time, investigation by the agency has revealed that the builders have themselves been conned by the so-called representatives. Vamshi, an experienced realtor, feels that it will be better for people to trust property exhibitions that are backed by sound financial organisations with reliable credentials, as private bodies have not displayed consistent performance in serving their customers.

Frustrating search

When cross-sections of people across Bangalore were consulted on the subject of these exhibitions, most of them said it was a good idea, for it exposed them to lesser known aspects of the subject. Nevertheless, many of them find it very confusing, expensive and time consuming.

Ajay Verma, an engineer, has been on the look out for buying a suitable flat for the past six months. But he has not been able to pin down any, as the builders appear to have a whole set of rules and regulations with clauses and sub-clauses for houses that are still in the various stages of being built.  He finds the search a frustrating affair and has not been able to forgive himself for having given his contact number to the builders who have made it their life’s mission to badger him with their unsolicited calls.

All is not well in the builders’ scene either, although they understand the concept of the exhibition; the cut-throat competition (unfortunately the pun is intended), leaves little to be desired. A couple of property dealers who have been participating in these exhibitions in the past, have decided to steer clear of any such events in future because they have been slighted and sidelined all along.

Despite the drawbacks, property exhibitions are here to stay, as they open a window to the world of homes from one spot.  A discerning buyer will have to do his homework and read the small print.

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