Home Buyers Yet to Understand RERA Benefits
With the much-awaited Real Estate (Regulation and Development) Act (RERA) coming into effect from Monday, some buyers are hopeful it will end their woes but many are unaware about the benefits arising from the new regulatory regime.
Under the central law, each state has to notify rules and set up a regulatory authority to manage the real estate sector. Uttar Pradesh notified the rules last November, but is yet to set up a regulator. The law provides for strict penalties against promoters and builders for not fulfilling promises.
There are many buyers who have booked flats and many of them have started a campaign against the developers. Some went and met Uttar Pradesh chief minister Adityanath Yogi in Lucknow, while many recently joined a candlelight march as a protest.
Amit Kumar, who booked his flat during the same time in Jaypee Greens in Noida, is still waiting for his flat, promised to him for 2013. But he is hopeful that RERA might bring about a change.
Ramkumar Choudhary, who has a small business in Noida, booked a flat in 2009 in Supertech, Noida extension. He was to get possession by 2013-14. He said the builder is ready to return the money, but without interest.
“They have refused to give the flat. There is a committee of Greater Noida aggrieved buyers. We have done dharna (sit-in protest) outside Supertech office at Noida Sector 58. Some people have filed court case, which is still on,” Choudhary said.
RERA allows buyers to cancel their option for a project and receive full refund along with interest. It also allows a buyer to receive interest for any delay, if he or she does not want to cancel. But Choudhary is not sure if he can repose hope in RERA.