There has been a brake on the pace of real estate business. lack of sand Due to this, the work of about 150 projects has got stuck. Black sand is available at a higher price than the government rate. Builders are not willing to buy sand at this price. Sand is being sold in black at Rs.35 CFT. According to the builders, the cost of CFT sand should be Rs 17-18 including Rs 7 per CFT invoice and other expenses. Therefore the work of the project has been stopped midway. Along with the problem of sand, the matter of non-encumbrance certificate is also getting stuck.
For the last six months, the property encumbrance certificate is not being issued from the registry department. Due to this, the housing loan process of the consumers is not being started. This is directly affecting the real estate project. Municipal Corporation and RERA have also troubled. Municipal Corporation is taking labor cess, but not depositing the cess amount in the labor department. We builders are continuously getting notice after notice from the Labor Department. A lot of trouble is being faced in the registration of the project in RERA.
The Municipal Corporation is now troubling the builders in the name of water connection. There is a provision that a connection has to be taken in the name of the society, but the Municipal Corporation is pressurizing all flat owners to take water connections. The situation has become in Jharkhand that in the coming one or two years the real estate business will come to a complete standstill. The builders say that several complaints were made to the registry department for the encumbrance certificate. The officer of the department has a rote answer that there is a shortage of man power. Till mains power is not available. Encumbrance certificate cannot be issued.
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