How will Real estate regulation Act will provide protection to home buyers?

Q: RERA will bring relief to the buyers only and only if the original act is implemented by various states without dilution. Ground reality is that most of the state govts are diluting the provisions of RERA to favor the powerful builders lobby who traditionally share the loot with the politicians.

Priya Jain,

7th October 2017

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Replies (3)

Having doubt on information under RERA provided by your real estate developer

Priya Jain,

13th October 2017

Comment

Right Anuj.....But still many states are playing a political game on it. They still not adopted this Act in their states. And where this law has been imposed has seen a lot of strict against the builders. Many builders across country have been fined for their delay possession of their projects.

Anirudh Patel, Mumbai

12th October 2017

Comment

You are right Priya......
Clause 14(3) is acting as a warranty. Warranties will make buyers and investors feel secure, as it makes it mandatory for developers to rectify any construction defects that may be noticed, even after possession has been handed over.

Kishore Pathak, Mumbai

12th October 2017

Comment

Some of the important compliances, which once will come into power will change face of the Indian Real Estate Market. These are 1) Informing allottees about any minor addition or alteration, 2) Increased assertion on the timely completion of projects and delivery to the consumer, 3) No launch or advertisement before registration with RERA, 4) An increase in the quality of construction due to a defect liability period of five years, 5) Consent of 2/3rd allottees about any other addition or alteration, 6) Sharing information project plan, layout, government approvals, land title status, sub-contractors, 7) Formation of RWA within specified time or 3 months after majority of units have been sold and 8) Consent of 2/3rd allottees for transferring majority rights to 3rd party.

Anuj Gupta, Mumbai

12th October 2017