Browsing: Real Estate (Regulation & Development Act

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8 years of RERA & 8 burning questions

RERA statistics of cases resolved vis-a-vis the ground reaities of average home buyers are in sharp contrast.  The home buyers are not confident with RERA because RERA has not changed the home buying experiences of the buyers. What an average home buyer looks up to RERA is an assurance; where RERA registration number means a due diligence platform. If an average home buyer even today is being blamed for not doing his own due diligence then it is quite obvious that one would question the very existence of RERA. For an average buyer the government agencies that sanction the projects and the banks that finance the project failed to act as the custodian of due diligence. That is why RERA came into existence, at least one thought so. But RERA registered projects are today neither guarantee of timely delivery with promised amenities, nor assurance against cheating. RERA registered project means as much today as the advertised membership with any trade body like CREDAI.

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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.