22 October, 2020

Is RERA Really Putting A Smile On The Harassed Homebuyer's Face?

To make errant builders fall in line with the Real Estate Regulation and Development Act (RERA) was a welcome and much-needed step but homebuyers are still left in the lurch as orders and notices are not enough

Photographs by Sanjay Rawat
Is RERA Really Putting A Smile On The Harassed Homebuyer's Face?
outlookindia.com
2019-05-31T15:01:25+05:30

‘RERA-registered project’ is a catchline that builders bandy about while advertising or selling apartments. Compliance with the Real Estate (Regulation and Development) Act, 2016 (RERA) seeks to assure prospective buyers that the project will not only be completed on time, but also meet quality standards due to the oversight of a regulatory authority. It does sound promising for a sector which was earlier largely unregulated, leading to lawlessness and fraud but the ground ­reality is quite variable.

After a spate of scams and lawsuits, buyers mounted pressure by initiating a movement, Fight For RERA. Their ­efforts led to the implementation of the act on May 1, 2017, which, real estate ­experts believe, heralded a new era for the sector in India. The central law mandates states to frame real estate rules and appoint a regulatory authority to protect the interests of consumers.

Under the act, builders have to submit their final sanctioned plans and approvals to the Real Estate Regulatory Autho­rity so that they do not deviate from it...

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