Browsing: RERA

Consumer Connect Unfair Contract, RERA, Consumer Protection Act, Builder Buyer Agreement, Society Maintenance Agreement, India Real Estate News, Indian Realty News, Real Estate News India, Indian Property Market

Legal safeguards for home buyers against Unfair Contract

Isn’t it ironic that in a country where the number of unsold housing units is skyrocketing, the business of real estate continues to be a seller’s market? Contrary to the developers’ influence peddling that the housing market is by and large a buyer’s market now, the fact lies that the developers continue to take the buyers for a ride. The developers’ exploitative practices are not limited to the delay of the project, but also default in delivering the promised amenities, and, most glaringly, with one-sided unfair contract. Track2Realty explains the options before the home buyers. 

Consumer Connect RERA, Real Estate Regulatory Authority, RERA Satisfaction Index, RERA Toothless Body, RERA & Home Buyers, RERA Recovery Certificates, RERA Execution Orders, Advocate Nirmit Srivastav

RERA Satisfaction Index pretty low across India

The home buyers have for long alleged that the RERA has failed to provide them substantial relief in the wake of project delay or defaults. Now the Allahabad High Court has also taken cognizance of the issue and has not only questioned reasons of non-execution but also asked for the roadmap as to how RERA Recovery Certificates would be executed.

Reports RERA, RERA Success, Real Estate Litigations, Property Disputes, Builder Buyer Disputes, Property Cheating

RERA doesn’t evoke confidence of the homebuyers

Projects worth INR 4,64,300 crore for a total of 575,900 units are already significantly behind schedule. These 5,75,900 units have been stuck since 2013 or before. However, what is even more disturbing than these staggering number is the fact that in many of the states RERA has been diluted to the extent that it allows the erring developers with the existing projects to get away with the fault lines.

Consumer Connect RERA, Real Estate after RERA, Success of RERA, Failures of RERA, RERA Registered Properties

RERA sees 40% rise in project registrations in a year

After nearly two-and-half years since RERA deployment across the country, the Centre’s aim to enforce it in each state to regulate the Indian real estate sector has picked up momentum. There has been a 40% growth in project registrations under RERA in a year across the country – from around 32,306 projects in end of September 2018 to nearly 45,307 projects as on 5th October 2019.

Consumer Connect RERA, Real Estate Regulatory Authority, RERA realities, RERA for homebuyers, RERA helping homebuyers, RERA changing Indian real estate, RERA compliance for real estate, India real estate news, Real estate news India, Indian property market, Track2Realty, Track2Media Research

Builders’ & buyers’ perspective differ after 1 year of RERA

RERA is one year old now and already the homebuyers are questioning the legislation, in the absence of any visible changes on the ground. The developers, on the contrary, feel RERA has already identified the challenges and hit the nail. Within the built environment the debate is inconclusive as to what extent RERA has brought in transparency and accountability and to what extent has it enhanced homebuyer confidence.

Beyond Headlines India Real Estate News, Real Estate News India, India Property News, Property News India, Track2Media, Track2Realty

RERA to end uncertainty in Goa real estate

Goa real estate has been witness to a prolonged spell of slowdown and both the homebuyers as well as the developers have waited for long to see a turnaround. Slow moving market, demonetization, GST and RERA have collectively led to a situation where the fence sitting buyers have preferred to defer their decision of buying a house. While the first three factors have dented their confidence, RER

Consumer Connect Legal Hammer, Judicial Review, Real estate regulator, Regulation in property market, Builders cheating, real estate fraud in India, Track2Media Research, Track2Realty

RERA realities & homebuyers’ concerns

Industry is nevertheless clear that such apprehensions are just teething problems. Jaxay Shah, President, CREDAI maintains that even though most states have not been able to implement it immediately and are in the process of doing so, yet both consumers and developers need to look at it optimistically. There will be teething problems initially, but as the regulatory mechanism sets in place, we will see a smoother transition into the new administration.

Consumer Connect Homebuyer Confusion, Confused homebuyer, Homebuyers grievances, Homebuyers' legal options, India real estate news, Indian property market news, Track2Realty

RERA realities & concerns of homebuyers

Moving forward, the moot point is whether the builders would decide to postpone their new launches keeping RERA in mind to avoid mid way issues. Within the built environment of real estate it is increasingly being questioned as to whether penalising builders for delays in the projects is justified given they rely on so many external factors. At one point government is coming up with consumer friendly RERA 2017 on the other hand government does not have any system or mechanism to give time bound permission to real estate sector developer, then how government will be successful in implementing the real estate.

Consumer Connect Legal Hammer, Judicial Review, Real estate regulator, Regulation in property market, Builders cheating, real estate fraud in India, Track2Media Research, Track2Realty

Immediate whiff of change with RERA

The expectation of an overnight change is because the Act is a result of years of expectations on part of the buyers. The developers, on their part, are also changing their business strategy overnight to play it safe with the new regulatory regime.