The concreteness of real estate sector is not something that is hidden. Builders making false commitments, intentionally delaying the possession, selling property to multiple buyers etc. Since there were no ethics or no governing in the real estate sector, grieved buyers had no idea which door to bang in case of delayed redressal and grievances.
Earlier complaint against builder can only be filed in the Consumer Court. With ample of cases the redressal was either delayed or was left in the air. Grieved buyers had no place where they can approach. These fortuity made homebuyers from buying property.
With the way to create transparency in the real estate, the Real Estate Regulation and Development Act (RERA) was introduced who has been acting as a watchdog for builder-buyer modus operandi. RERA is like light at the end of tunnel for homebuyers. To safeguard the interest of homebuyers a complete redressal system has been initiated.
Buyers can file complaint in RERA Authority against the builder wherein there will be no delay, authority will reply back within 60 days. We have heard of cases where homebuyers received redressal against the complaint filed.
Builders will now be cautious of their work and commitments. They have to comply with the terms and conditions of the RERA Act.
Though pursuit of RERA has caused downfall of real estate market especially in the residential sector, it is stereotyped to give birth to investments by domestic as well as NRI investors in near future.
The RERA Act will provide a strong builder and buyer framework which can improve the interest of homebuyers and take the edge regarding project delays and fund diversions.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws