Punish Real Estate Developers and include Banks and Town Planning Officials under RERA.
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During last decade starting from 2006 onwards there has been a organised loot of public funds by the Real Estate Developers in collusion with the Bank officials, Officials of the other Funding Agencies and Officials of the Urban Development Authorities at the state level.
The Developers advertised/launched projects without having land parcel and without securing statutory approvals.
In many cases Developers collected more than 90% of payment before getting statutory approvals.
All the Nationalised and Private Banks approved these real estate projects for funding to the customers/investors without conducting due diligence of the title of the Land and statutory approvals. Later most of these Banks further sanctioned construction Loans thus providing double funding to the same projects.
The Urban Development Authorities responsible to monitor and enforce compliances remained mute spectators. These agencies were in collusion with these developers.
RERA in current form is only regulating Developers there is a need to include the Bank officials and the officials of Urban Development Authorities into the ambit of RERA regulations with provision for exemplary punishment for their acts of willful and collusive omissions and commissions in perpetrating such fraudulent practices.
We need to ensure that this cancerous malaise is treated with clinical surgery and followed up with chemo therapy under strict vigilantism by the social organisations.
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