From shaved beds to forged documents and handled approvals, the Indian real estate sector has long been mired in troubled practices. In Bengaluru, one of the hottest real estate markets in the country, these violations are not only occasional brips – they are cooked in the system.
A recent article by Reddit by an initiate of the industry fell the curtain, revealing a network of deception, collusion and regulatory theater which quietly fed the city’s real estate boom. The detailed exhibition has since become viral, hitting an agreement with frustrated buyers painting an image that gives to think the machine behind the Horizon line of Bengaluru.
In an article which aroused an online storm, a Reddit user who claims to have worked with four major real estate companies in Bengaluru described the industry as a system “based on deception, short -term greed and regulatory theater”.
“The listed companies. Sumptuous launches. Lostly brochures. But below the surface? A rotten system,” wrote the user.
Although household buyers are supposed to be obtained as a sequestration under rera, the position alleys that they are regularly siphoned using false suppliers or related entities. “Rera’s quarterly financial updates are either ignored or completely rigged,” said the user, calling the system a facade with “unattended, without audits and without consequences”.
According to the user, net titration grounds are practically nonexistent. The properties are often entangled in disputes, and these problems are either minimized in documentation or masked until buyers are locked up. “Disputes are often set with books … Some cases are even false,” said the post.
The manufacturers would have erected civic clubs and spaces on unspecified land, betting on post-facto regularization by bribes. After possession, buyers would face an additional extortion: “I want OC?” Noc? BWSSB Connection? Be ready for bribes, ”says the message.
Another reported problem was noted. “Each project on which I worked has flourished wells without a license without a license to reduce the costs of the oil tankers,” wrote the user.
The construction plans linked to construction and linked to construction are, according to the user, designed to secure early funds and deliberately slow down. “Your project is ramp while the manufacturer shows new flashy launches,” said the post.
Describing the regulatory authority as token, the user wrote: “The delays? Everything you need is a standard extension request … no significant penalties. No real responsibility.”
Banking approvals, often considered as a safety net by buyers, can be handled by internal contacts and “costs”, according to the user. The false statutes “with closed counters” are also used to make the emergency.
Even after possession, buyers remain in the dark while the manufacturers delay the training of resident well-being associations to maintain control of income generating equipment. “Internal staff, brokers and canal partners” would be authorized to book the units early and for profit.
With real cooling of the request, the position accuses collusion manufacturers to maintain the inflated prices. “They are not only commercial rivals … They often dine together,” wrote the user.
Behind everything hides a “deep rooted political link” which protects the system. The user warns that if even a major player vacillates, “the entire real estate market in Bengaluru could collapse”.
The message triggered an online responses. A speaker noted: “Until today, the transfer of land to the Allottees association in accordance with section 17 of Rera does not occur in Karnataka … Land owners can hypothequate your land without your knowledge.”
Another user wrote: “It is as if they did everything in their power to deceive and alienate their end consumers.”
A third sounded with practical concerns: “Are there authentic players in this space?” And … what key questions should a buyer ask to ensure that the property is legitimate? “
