Here is a situation that will happen in 2019…

Hello Mr. Subra this is Atlas Shrugged Builders welcome to our office. We are very happy to show you properties in Ulwe where the price per sq ft is about Rs. 9000.

S: Thank you Mr. John Galt, nice meeting you. I just wanted to look at properties for one kid and her husband..

Yes sir, you are welcome, I will need a pan card of yours for seeing the place…new Regulations by the Real estate regulator sir.

S: No problem here is a photocopy of my pan card, and here you can keep the photocopy….

Sir when you buy the property you need to give a declaration that you understand the terms built up, super built, rising super built up, construction mix, NOC, Navi Mumbai Municipal Corporation, the methodology of construction.

Sir you will also give us a declaration that you understand growth investing, value investing, risk of renting, risk of giving on rent, paints that are allowed to be used in a house, how children can get hurt, electricity risks, risk of slipping, etc.

However sir you can give a declaration that you have just bought a house 3 years ago and you had done all this earlier.

S: But John do you know all this?

yes sir, here is my ABMF (Association of Building Manufacture Federation of India) certificate, I got 87% marks).

S: What else do I need to give?

You need to give me your pan card, aadhar card, a photgraph of your eyes (we will take it here sir do not bother), 10gms of your blood, finger prints, tongue prints, and foot prints. This is necessary for your kyc.

S: If I buy joint with my wife?

Sir then you need to give all this for your wife also. You will also have to give an attested copy of your marriage certificate. Sir this is a brilliant move by RERI (Real Estate Regulator of India) – it ensures that you can buy only with your wife.

S: what if i want to buy with another lady who is not my wife?

Sir you have to give a 3rd party declaration that your wife has no objection, the other woman’s parents (or husband) have no objection, and this property is over and above what you have bought for your wife.

S: this is so painful!

Sir see this article on ET, HT, Cnbc, …they are all saying RERI is doing a fantastic job. Only you are different. By the way Indian Express refused to carry the same article.

S: What other documents do I need to provide?

Sir every time you make the payment to us you have to give us a declaration that the money is earned by your own hard work, or from your salary, or business.

S: but why do you need this?

Sir this is because we do not want easy money or hot money to come into the real estate industry.

S: but why for every installment?

RERI requirement. Also sir your Kyc has to be updated every 100 days.

S: why?

RERI requirements sir. The kyc service providers charge about Rs. 30,000 per year in Mumbai and 1800 in Navi Mumbai.

S: why such a huge price difference?

RERI charges depend on the average cost per square foot as understood by them. This is a little difficult, so lets skip it.

S: what else does RERI do?

Sir they are in the process of setting up a website which will capture all the details of the real estate deals. You will know the location, its map, design, name of the builder, name of the landowner, …..etc.

S: will it have the price?

OMG no sir! how can it be ? that is a secret sir, others will feel bad..

S: what do you mean?

Sir we found out that 1,22,00,456 flats are lying vacant in Mumbai – nobody can afford to buy them. So we are getting ABIC to fund that purchase!

But its Chairman told me personally that it is not a good project….about a month ago…

hmmm no comments about Chairman sir…even if just the building Chairman and not our corporation Chairman,,,,

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  1. How true Subra. Already ICICI is implementing these guidelines! Per ICICI , for any inclusion of additional customer to an existing account they are are already implementing the KYC norms . Even if the proposed joint account holder is an existing customer of the bank , they require

    1. Copy of the marraige certificate
    2. Photos of the proposed joint account holders one per each account !
    3. Address and ID proofs for each account to be converted to joint account

    Not sure of other banks

  2. The rate at which the zeal for intimate knowledge about customers (one of the most endearing ways of which is to ask for “PAN copy” for each new transaction) is spreading, won’t be surprised if tongue prints, foot prints, etc. also become reality soon. Is there any reason why Aadhaar can’t be automatic for folks who already have passports? After all, passports have been issued after an police verification at the residence of the holder.

    At the same time, we have billers attempting to pass off their costs (for printing and couriering) onto customers by not printing bills in the name of “saving the planet”? Can we instead please save the planet by not demanding “PAN copy” from “known customers”?

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