Lynching is a trending word in the media reports these days. People who were unaware of this word can now give a full-page speech on the same. Lynching is a condemnable act and should not happen anywhere and in any circumstances. It not only relates to the killing without a legal trial but it also includes making a person weaker either physically or financially.
Talking about the real estate sector, most of the real estate buyers get lynched financially and mentally by the realtors when they delay in delivering the units, ask for the extra amount at the time of possession, do not provide amenities promised and the list goes on. While the realtors make excuses, the buyers are the ones who get tortured. Paying Pre-EMIs to the loan providers and taking the load of paying house rents due to not getting their homes delivered on time are the points where buyers feel exhausted.
Considering the problems faced by the home buyers and citing the lack of professionalism in the real estate sector of the country, the Government of India came up with the Real Estate (Regulation & development) Act (RERA). The RERA will work as a watchdog in the real estate sector. The modus operandi of RERA and its clauses which mandate developers to deposit funds in an escrow account, to provide details of their project on the RERA website and more will regulate the real estate sector.
Already 21 states , including Union Territories have notified the RERA and have opened the window for the RERA registration and complaint filing. States such as Maharashtra, Madhya Pradesh, Tamilnadu, Gujarat and Rajasthan have launched the website for their respective RERA and are leading the list. As per the sources, all other states may notify the Act by 21st July 2017.
The homebuyers have lots of hopes from the RERA and consider it as their saviour who will protect them from getting lynched by realtors.
Also Read: RERA – A colonnade for aspiring realtors
The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA.