Browsing: RERA Realities

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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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Developers’ strategic shift to align with RERA

It seems RERA has suddenly made the PMS as one of the most sought after areas of expertise. The developers can no longer afford to delay their projects due to mismanagement by the execution team. In most of the cases the developer himself and/or his top management was thus far taking care of the execution with no seamless process of execution handed over to the experts.