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Newsflash
| CBI to enquire Polytechnic 2nd Shift Scam |
Senior BJP Leader and Punjab BJP Investor Cell Chief, Advocate Sukhminderpal Singh Grewal today unfolded a major racket by Private Polytechnic Colleges in Punjab in association with officials of Punjab StateTechnical Education and Industrial Training Board and All India Council of Technical Education (AICTE). |
| Farmers not looking at "Sarkari Alms" |
Punjab contributes maximum production of Wheat and Paddy across India despite acute power and labour shortage across state and adverse climatic conditions. Despite being the highest producer of Wheat and Paddy per hectare, the profits of the hard working Punjab farmer are getting diminutive. Reason, increased input costs, farmer today is bearing an additional daily brunt of Diesel to pump water from its Tubewells which is equivalent to Monthly Power subsidy given by the Punjab Government. |
| REAL ESTATE REGULATION REQUIRED |
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22nd September, 2008, Jalandhar: National President, BJP Investor Cell, Arun Singh termed Congress led UPA Government as a coterie of enticers of Congress President Sonia Gandhi having feeble interest in governance. He aggrieved that Congress led UPA Government have miserably failed to safeguard Retail Investor from frivolous Real Estate Developers. Taking a dig at the much-abated “Real Estate Management (Regulation and Control) Bill” proposed in 2006 by the UPA Government to regulate Real Estate, Sh. Arun Singh said, “It seems that Congress Government was only interested in safeguarding the investments of Retail Investors to keep their President, Sonia Gandhi’s vested interests, their silence on the above Bill corroborates that Real Estate Developers have acceded to her demands”.Advocating the immediate need of a Real Estate Regulator, Sh. Arun Singh stated, “Those opposed to the idea of a Regulator argue that the automobile Industry does not have a regulator, yet it produces world-class cars. But Real estate cannot be compared to any other industry, as the quantum of investment is very large. Moreover, there is no off-the-shelf delivery; between booking and delivery lies a gap of nearly two years.” He further added that the appointment of a regulator is expected to improve reliability and reduce the gap between what is promised and what is delivered”. Greater accountability of Real Estate Developers will enable greater confidence of the Investors. Once confidence level improves, the quantum of domestic and foreign investment coming into the sector will also rise substantially. He further argued that, in the pre-SEBI regime the quantum of FII investment in a year was a few millions dollars but today exposure is over $10 billion (Rs 46,000 crore) annually. Sh. Ashok Goel, National Vice President, BJP Investor Cell added that in the current scenario, all regulations and controls apply only up to the stage when the developer gets the licence. Thereafter, there is no system for monitoring the implementation of projects or for taking action in case the final product does not match promised standards. Sh. Goel demanded that Government should enforce that Real Estate Developers should furnish Performance Bank Guarantees to ensure that they meet promises made to the buyers. Sukhminderpal Singh Grewal, Punjab State Chief, BJP Investor Cell, congratulated Sh. Arun Singh and Sh. Ashok Goel, for conception of “Investor Helpline” to provide legal and professional aid to Retail Investors, and stated that it was a huge success in Punjab State. Grewal added that they are receiving numerous complaints from Retail Investors on This e-mail address is being protected from spambots, you need JavaScript enabled to view it who have lost their hard earned lifetime savings to these frivolous Real Estate Developers and in the absence of a Regulator, these Investors are left with no other option but to move courts wherein justice is a distant dream. He observed that delayed possession and signification variation in the quality of the final product from the initial promises made by the Real Estate Developers is the most common grievances of buyers. He further stated that, today, anyone is free to become a Real Estate Broker, without any educational or licensing pre-requisite. Many unscrupulous brokers operate hand in glove with the new developers. In lieu of a higher commission, they get clients to invest in the projects of new developers, despite being aware of the higher risks. The panacea for most of these ills lies in having a regulator for the real estate sector with powers to penalise errant developers and brokers. Grewal further added that Developers divert funds meant for one project to another. Sometimes they take on more projects than their financial strength allows. This results in projects getting delayed. Grewal stated, “Appointment of a Real Estate Regulator, disclosure standards will improve. RED will have to make project-wise disclosures of fund flow (SEBI has made this mandatory already for industries), making diversion of funds more difficult.” 
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