The Real Estate (Regulation and Development) Act, 2016 came into force on May 01, 2016. Union Ministry of Housing and Urban Poverty Alleviation (HUPA) notified 69 of the total 92 sections of the Act to bring it into force from 1 May 2016. This culminates the eight year long efforts in this regard.

From India, Delhi
1. Sir, still the appropriate governments are to appoint the Regulators etc.and the State Govt. Rules are still to be framed. The appropriate local authorities like NOIDA AUTHORITY, GNIDA OR DDA etc. are still to frame and notifiy Regulations as may be required within their powers. The Central Govt. has still not enforced important sections i.e. from 3 to 19 which are in favour of Buyers. Therefore, nothing material has changed. It will take about one year to enable the Central Govt. or State Govts. to enforce and take actions on all provisions of RERA.
2. In order to regulate reality sector some laws or regulations are already in force in various states, but the State Govts. hardly enforce the provisions against defaulter BUILDERS. The success of RERA will definitely depend upon the cooperation and strict action at the level of State Govts. and local authorities like as mentioned in para above.

From India, Noida

Maharastra has an act to regulate RE: MOFA 1963.
The act is good and encompasses all areas of Building projects.
Inspite of this act being on statue things have gone so badly in Maharastra itself.
It is lack of involvement in proper regulation and administration that buyers have faced umpteen number of problems.
The babu-neta-builder nexus is so deep,no law is adequate to break this link based on money
.If Government develops the will,then RERA is not required,just enforce existing laws.

From India, Pune
The realty investors should pray God that law breakers are not found one step ahead of the law makers.
From India, Delhi

Law breakers not only remain one step ahead of lawmakers,they also know how to handle legal cases.
Famous Sunny Deol dialogue of Tareek pe Tareek comes to mind.
But I still have hopes that RERA may do some good to RE industry.
But nothing can beat a buyer who does due diligence and avoids u/c or prelaunch projects.
Every buyer needs to check legal papers,sanctions of the project and then only venture.Should not go by mere words of builder or his glib salesmen who eye their commission and not buyers welfare/interest.

From India, Pune
Dear Nathrao,

I appreciate your thinking. Since I know law breakers are more wise than the law makers, they usually try to pick holes out of the law to manipulate things according to their own whims and fancy. That is why, I have said that the investors of real estate may pray God that law breakers are not found one step ahead of the law makers.

Your perception, "nothing can beat a buyer who does due diligence and avoids u/c or prelaunch projects," of course is valid, but more than 90% of the RE investors go by their need and emotions for having a shelter of their own, instead of using due diligence. Moreover, a really needy person is always a layman and quite raw on property laws to understand complexity of the agreements prepared by the expert lawyers for the shrewed builders and entered into with the investors. They usually become prey of the complex language used by the builders in there agreements. The irony is that a layman investor of real estate don't try to consult any expert on property laws before venturing in to booking of a flat for him & his family. So, they repent later, when possession of flat is not handed over even for several years after thye due date agreed upon, while they continue to pay the EMIs to the banks & financial institutions, besides rent of the hired houses, and sometimes find it difficult to make his family survive due to over-burden of EMIs of loans, which are heavily laden with interest amount, rather than reduction of the principal amount of loan, as the Banks and financial institutions prefer to recover interest at first . So, the principal amount is reduced to negligible extent just as an eyewash to make them earn more and more interest on the loans during the currency of loan.

However, you can expect due diligence on the part of the profit earners out of the builder properties.

From India, Delhi

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply →

About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 CiteHRô

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server